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Xerox’s profit falls, CFO to retire

Xerox’s profit falls, CFO to retire
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First Published: Wed, Jan 26 2011. 08 05 PM IST
Updated: Wed, Jan 26 2011. 08 05 PM IST
New York: Xerox Corp’s profit fell due to restructuring charges in the fourth-quarter and its chief financial officer plans to retire next month.
CFO Lawrence A. Zimmerman, 68, will be replaced by Luca Maestri, the 47-year-old current CFO of Nokia Siemens Networks, Xerox said on Wednesday.
Its shares fell 2.2% in premarket trading.
Revenue for the office document management company rose 42% to $5.98 billion from $4.22 billion a year earlier. Analysts were expecting revenue of $5.978 billion for the quarter, according to Thomson-Reuters I/B/E/S.
Fourth-quarter net income fell to $171 million, or 12 cents a share, from $180 million, or 20 cents a share, a year earlier.
Excluding costs for restructuring charges and acquisitions, the company’s adjusted EPS was 29 cents a share, which narrowly beat analysts’ average estimates of 28 cents, according to Thomson-Reuters I/B/E/S.
The company forecast first-quarter earnings to be 16 cents to 18 cents a share. On an adjusted basis, Xerox said its EPS would be 20 cents to 22 cents a share in the first quarter, compared with the average Street estimate of 22 cents, according to Thomson-Reuters I/B/E/S.
Shares fell to $11.15 in premarket trading. They closed at $11.40 on Tuesday on the New York Stock Exchange.
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First Published: Wed, Jan 26 2011. 08 05 PM IST