** charts before earnings **
** charts after earnings **
Xerox misses by $0.01, beats on revs; guides Q2 EPS in-line; reaffirms FY16 non-GAAP EPS; plans to file for spin off of BPO business in July :
- Reports Q1 (Mar) earnings of $0.22 per share, excluding non-recurring items,$0.01 worse than the Capital IQ Consensus of $0.23; revenues fell 4.2% year/year to $4.28 bln vs the $4.23 bln Capital IQ Consensus, or 3% in constant currency. The Services business, which represented 58% of total revenue, delivered $2.5 billion in revenue, representing an increase of 1% or 2% in constant currency. Services margin was 7.7%, up 0.1%age point. Revenue from the company's Document Technology business was $1.6 billion, down 10% or 9% in constant currency. Document Technology margin was 10.2%, down 2.5%age points. First-quarter operating margin of 7.2% was down 1.3%age points from the same quarter a year ago.
- Co issues in-line guidance for Q2, sees EPS of $0.24-0.26, excluding non-recurring items, vs. $0.26 Capital IQ Consensus Estimate.
- Co reaffirms guidance for FY16, sees EPS of $1.10-1.20, excluding non-recurring items, vs. $1.11 Capital IQ Consensus; lowers GAAP EPS to $0.45-0.55 from $0.66-0.76.
- Xerox intends to make its initial Form 10 registration statement filing with the Securities and Exchange Commission in July 2016, on track to complete the separation by year-end. The company has determined that the optimal transaction structure for the separation is a tax-free spinoff of its BPO business.
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