Xerox Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended Dec. 31, 2013; Reaffirms Earnings Guidance for Year 2014; Provides Earnings Guidance for the First Quarter of 2014
January 24, 2014 at 07:00 am
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Xerox Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended Dec. 31, 2013. For the quarter, total revenues were $5,569 million, income before income taxes & equity income was $345 million, income from continuing operations was $315 million or $0.25 per diluted share, net income attributable to the company was $306 million or $0.24 per diluted share against total revenues of $5,763 million, income before income taxes & equity income was $366 million, income from continuing operations of $342 million or $0.26 per diluted share, net income attributable to the company was $335 million or $0.26 per diluted share for the same period a year ago. Net cash provided by operating activities was $968 million and cost of additions to land, buildings and equipment was $93 million against net cash provided by operating activities was $1,773 million and cost of additions to land, buildings and equipment was $105 million a year ago. Adjusted net income from continuing operations available to common shareholders was $310 million or $0.25 per diluted share compared to $334 million or $0.26 per diluted share a year ago. Adjusted net income available to common shareholders was $306 million or $0.24 per diluted share against $335 million or $0.26 per diluted share a year ago. The company spent $111 million on CapEx.
For the year, total revenues were $21,435 million, income before income taxes & equity income was $1,312 million, income from continuing operations was $1,205 million or $0.93 per diluted share, net income attributable to the company was $1,159 million or $0.91 per diluted share against total revenues of $21,737 million, income before income taxes & equity income was $1,332 million, income from continuing operations of $1,212 million or $0.87 per diluted share, net income attributable to the company was $1,195 million or $0.88 per diluted share for the same period a year ago. Net cash provided by operating activities was $2,375 million and cost of additions to land, buildings and equipment was $346 million against net cash provided by operating activities was $2,580 million and cost of additions to land, buildings and equipment was $388 million a year ago. Adjusted net income from continuing operations available to common shareholders was $1,186 million or $0.93 per diluted share compared to $1,161 million or $0.87 per diluted share a year ago. Adjusted net income available to common shareholders was $1,160 million or $0.91 per diluted share against $1,172 million or $0.88 per diluted share a year ago. CapEx was $427 million.
The company reiterated its full-year 2014 guidance of GAAP EPS in the range of 93 to 99 cents, and adjusted EPS of $1.10 to $1.16. Xerox expects to generate operating cash flow of $1.8 billion to $2.0 billion in 2014 with no finance receivable sales planned.
For first-quarter 2014, Xerox expects GAAP earnings of 19 to 21 cents per share and adjusted EPS of 23 to 25 cents per share.
Xerox Holdings Corporation is a workplace technology company building and integrating software and hardware for enterprises. The Company's segments include Print and Other and FITTLE. Its Print and Other segment includes the sale of document systems, supplies and technical services and managed services. The segment also includes the delivery of managed services that involve a continuum of solutions and services that help its customers optimize their print and communications infrastructure, apply automation and simplification to maximize productivity, and ensure the highest levels of security. This segment also includes information technology (IT) services and software. Its product groupings range from Entry, Mid-Range and High-End. The FITTLE segment provides leasing solutions and offers leasing for direct channel customer purchases of Xerox solutions through bundled lease agreements and lease financing to end-user customers who purchase Xerox solutions through its indirect channels.
Xerox Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended Dec. 31, 2013; Reaffirms Earnings Guidance for Year 2014; Provides Earnings Guidance for the First Quarter of 2014