-=Xerox (XRX) reported earnings on Tue 29 Oct 24 (b/o)

 

Xerox misses by $0.26, misses on revs, lowers FY24 revenue, adjusted operating margin, and free cash flow guidance

• Reports Q3 (Sep) earnings of $0.25 per share, excluding non-recurring items, $0.26 worse than the FactSet Consensus of $0.51; revenues fell 7.5% year/year to $1.53 bln vs the $1.63 bln FactSet Consensus.
• Lowers guidance, sees FY24 revenue declining around 10% in constant currency vs. prior guidance of down 5-6%; sees adjusted operating margin of around 5.0% vs. prior guidance of at least 6.5%. Free cash flow of $450-$500 mln, down from at least $550 mln.
• While equipment revenue fell short of expectations, we continue to see steady progress from Reinvention initiatives taken to date. Adjusted operating income and margin grew year-over-year, and the pending acquisition of ITsavvy will improve Xerox's value proposition with clients, as well as the mix of revenue from growing businesses," said Steve Bandrowczak, chief executive officer at Xerox.

Earnings this week : Oct 28 - Nov 1, 24 (wk 44)

Monday (Oct 28)

• Morning: AKR BOH CNP HOPE ON PHG PRCT SJW
• Afternoon: AGYS AMKR AESI BOOT BRX BRO CDNS CALX CWH CSWC CCCS CDP CR CVI PLOW ESI EHC FFIV FLS F HLIT NARI KFRC KRC LEG LTC NWE PCH RMBS REG SAFE SBAC SKY TRNS TMDX TREX UFPI UCTT VFC WM WELL

Tuesday (Oct 29)

• Morning: AMT AWI ABG ATI BP CBZ CECO CHKP CVLT CROX GLW CTS DHI DTM EXP ECL EPD ESAB FELE ULCC GPK HEES HRMY HAYW HNI HUBB INCY IPGP ITT JBI JBLU KNSA LDOS MAS MCD MSCI NWBI NVS PAG PYPL PFE PSX PJT RITM RCL STNG SSTK SOFI SWK SYY THC XRX ZBRA
• Afternoon: ALHC ALSN AMD AMH APAM ATGE ATRC BMRN BXP CAKE CB CHE CMG CZR DVA EA EIX ENVX EQT ESS EXE EXEL EXLS EXR FCF FE FMC FSLR GOOG HURN IEX KAI LFUS LSTR MDLZ MIR MOD MTH NGVT NRDS OI OKE PFS PK PRO QRVO RDDT RSG SAGE SKWD SNAP STAG SXI SYK TXG UDMY UIS UMBF UNM V VRNS WERN WPC ZWS

Wednesday (Oct 30)

• Morning: ABBV AER ALE ARCC ARVN ADP AVNS AVT AXTA BLCO BHC BIIB BLKB BPMC EAT BG CAT CDW CHEF CLH CWEN CMCO CRTO DAN  DAY LLY EXC EXTR FVRR FLEX FTV GRMN GTES GEHC THRM ROCK GSK GPN GPI HR HES HESM HUM ITW IMAX INMD ITCI JKS KEX KHC DRS LIVN MLM MTRN MNRO NAVI NBIX NI NVCR OIS OMCL OMF OSW OPCH OSK OTIS PSN PUMP REYN SHAK SLGN SITE SCL TEX TECH COCO TW TT TTMI UTHR VRSK VMC WING XPO ZBH
• Afternoon:  ACA ACGL ACHC AEIS AFL AIN ALGT ALKT ALL ALTR AM AMGN AR ATEC AWK AX AXS BECN BHE BIO BKNG CACC CF CFLT CGNX CHRW CLX CNMD CODI COIN COLM CORT CRK CTOS CTSH CVNA CW CWST DASH DAWN  EBAY EG EIG EPR EQIX EQR ERII ETD ETSY FCPT FND FORM FRT FTAI GDDY GEN GRBK HCC HLF HLI HOOD HTGC HUBG INFA INVH IRT IRTC KLAC LMND LPLA MAA MATX MAX MCW MET META MGM MGY MMSI MPWR MSFT MSTR MTW MUSA MYRG NMFC NOVA NSA NTGR NVEE NVST NXT OHI OLED PAYC PCOR PCTY PEN PGRE PPC PRU PSA PSMT RELY RGR RIG RIOT ROKU ROOT  RSI RYAN SBUX SCI SFM SIMO SNBR SNCY SPXC SRI STAA STEM SUM TDOC TENB THG TNK TRUP TWLO UDR UMC VTR WHD WSC WTS

Thursday (Oct 31)

• Morning:  AGIO ALGM ALNY AME APG APTV ARW AVNT BALL BAND BDC BMY BTU BUD BWA CFR CI CMS CNK CNQ COP CWT DFIN DINO DNB DRVN ECVT EL EME ETN ETR FDP FLWS FSS GEL GNRC GPRE GVA GWW H HII HZO ICE IDA IDCC IDXX INSM IP IQV ITRI JHG K KIM KTB KYMR LANC LAUR LAZ LECO LI LIN LNC LNG LPG MA MBLY MBUU MDGL MGPI  MO  MRK NCLH NKLA NSP NVRI OGN OTEX PACK PATK PBF PHIN PTON PWR RBLX RDWR REGN SABR SIRI SN SO STM SWI SXC TFX TREE TRN UBER UNIT UPBD UTZ VNT WCC WEC WEN WTW XEL XYL
• Afternoon: AAPL ACCO AEM AES ALNT AMCR AMZN ARDX ASUR BJRI CNO COHU CON CPT CTRA CUBE CUBI DORM EMN FOXF GDYN HALO ICFI INTC IR JNPR KWR LMAT LNT LOCO MERC MKL MTZ ONTO RGA SBRA SEM SKYW SM SON TEAM TNC VIAV VICI VIR VRRM X

Friday (Nov 1)

• Morning: AMR ARCB ARES BTSG CAH CBOE CHD CHTR CVX D DBRG ENB ESNT FUBO GTLS IMO LYB MD MGA NVT PPL PRLB RBC TILE TROW TXNM W WAT XOM

Carl Icahn discloses updated portfolio positions in 13F filing

Exited LNG HRI positions, Increased SWX IEP

Highlights from Q2 2023 filing as compared to Q1 2023:

• Increased positions in: IEP (to ~334.49 mln shares from ~300 mln shares), SWX (to ~10.84 mln from ~10.52 mln)
• Maintained positions in: CVI (~71.2 mln shares), BHC (~34.72 mln shares), XRX (~34.25 mln shares), NWL (~29.99 mln shares) DAN (~14.29 mln shares)
• Closed positions in: LNG (from ~1 mln shares), HRI (from ~0.23 mln)
• Decreased positions in: FE (to ~14.09 mln shares from ~18.97 mln shares)

-=Xerox (XRX) reported earnings on Tue 25 Apr 23 (b/o)

 

Xerox beats by $0.32, reports revs in-line, sees FY23 revenue growth of flat to down low-single-digits in constant currency

• Reports Q1 (Mar) earnings of $0.49 per share, $0.32 better than the S&P Capital IQ Consensus of $0.17; revenues rose 3.1% year/year to $1.72 bln vs the $1.72 bln S&P Capital IQ Consensus.
• Adjusted operating margin of 6.9 percent, up 710 basis points year-over-year.
• 2023 Outlook: Revenue growth flat to down low-single-digits in constant currency. Adjusted Operating Margin of 5.0% to 5.5%. Free cash flow of at least $500 million.

Earnings this week : Apr 24 - 28, 23 (wk 17)

Monday (Apr 24)

• Morning:  BOH KO PHG
• Afternoon: AGNC ARE AMP NTB BRO CADE CDNS CNI CHX CLF CCK FRC HSTM HTLF HXL HOPE IBTX MEDP PKG PCH RRC SSD TENB AAN TBI WSBC WHR WSFS

Tuesday (Apr 25)

• Morning: MMM ABB ADM ARCC AWI ABG AUB BKU BIIB CNC CBU GLW DHR DOW FBP FCF FISV GATX GEHC GE GM GEO HAL HUBB IVZ JBLU KMB LH LKFN LTH MCD MCO MSCI NEE NEP NTRS NVS NVR ONB OMF PCAR PEP PII PHM RTX ST SHW SSTK SFNC SITC SBSI SPOT SCL THC TRU UBS UPS VZ XRX
• Afternoon:  GOOG AGR AZZ BXP BYD CMG CB CSGP EGP WIRE ENVA ENPH EQR HA HIW ILMN JBT JNPR MANH MTDR MSFT NEX OI PACW RNST ROIC LRN TX TXN TRMK UMBF UHS VBTX VICR V

Wednesday (Apr 26)

• Morning:  ALKS ALLE AMT APH ADP AVY BXMT BA BOKF BSX CVE GIB CME CSTM DOV ETR EVR EXTR FSV FTV GD GPI HES HLT HUM NSP IART MKTX MAS COOP NAVI NSC ODFL OTIS OC PAG BPOP PDS PRG PB RCI RES R SLGN SLAB SF TMHC TEL TECK TDY TMO TNL UBSI UMC VRT WNC WAB
• Afternoon:  TWOU ACHC AFL AGI ALGN AB AWK NLY AM AR ACGL ASGN AZPN AVB AXS BMRN CHRW CACI CP CLS CCS CHDN COLB FIX CNMD CLB CVBF EBAY EW ESI EPR EQT ETD EVTC FIBK FBIN FTAI GSHD GGG HELE HP ICLR IEX PI KALU KRC KLAC LSTR LC LXFR MAT MXL MMSI MTH META MEOH MAA MC MOH MYRG NTGR NVRO NOV ORLY OII CASH PTEN PEB PEGA PPC PXD PLXS PTC QS RJF RHI ROKU ROL SAFE SLM SGMO NOW SNBR SAVE SPSC STAG STC SUI NOVA TDOC TER TNET TROX TYL UDR UCTT URI WCN WM WSC WOLF WH

Thursday (Apr 27)

• Morning: AOS ABBV MO AAL AIT ARCH AMBP AZN B BAX BFH BMY BC CRS CARR CAT CBZ CBRE CNP CHD CMS CNX CMCSA CROX CTS CFR DPZ DTE LLY EME EXLS FIS FAF FCFS FCN THRM GWW HEES HOG HAS HSY HTZ HGV HON IP ITGR ICPT IPG IQV KDP KIM KEX LEA LII LECO LIN LKQ HZO MA MPW MRK MBLY NEM NOC OSIS OSTK PPBI PATK BTU PNR DGX RS ROK ROP SPGI SNY SNDR SIRI SWI SAH SO LUV SRCL STM STRA FTI TXT SHYF TSCO TW TPH TRS VLO VLY VC WST WEX WTW WNS XEL
• Afternoon:  ACCD ATVI AEM ALSN AYX AMZN ABCB AMGN ATR ACA AJG AX BZH BJRI SAM CPT COF CSL CWST CC CINF NET COLM OFC COUR CUZ CUBE DXCM DLR EMN ELME EIG EHC ESS EXPO FICO FHI FSLR FE GLPI GFL GILD HIG PEAK HUBG IMAX INTC KNSL KN LHX LPLA LTC MTX MHK MDLZ NATI NWE OIS OLN PFSI PINS PFG PFS PTCT RSG RMD SGEN SKX SKYW SM SNAP SSB SWN SSNC SNCY TMUS SKT SLCA X VRSN WY

Friday (Apr 28)  

• Morning:  AON ARCB ARES AVTR BLMN  CCJ  GTLS CHTR CVX CL DAN XOM FHB GNTX EAF IMGN IMO JKS LAZ LYB MOG.A NYCB NWL NVT POR SAIA SXT STEL TRP TNC WPC WT

-=Xerox (XRX) to transfer its common stock listing from the NYSE to the Nasdaq Global Select Market

• Xerox will transfer its common stock listing from the NYSE to the Nasdaq Global Select Market, effective upon market open September 21 

====Xerox (XRX) terminates transaction agreement with Fujifilm

Xerox terminates transaction agreement with Fujifilm; enters into new agreement with Carl Icahn  

• Xerox announced that it notified Fujifilm that the previously announced transaction agreement to combine Xerox with Fuji Xerox is being terminated in accordance with its terms due to, among other things, the failure by Fujifilm to deliver the audited financials of Fuji Xerox by April 15, 2018 and the material deviations reflected in the audited financials of Fuji Xerox, when delivered, from the unaudited financial statements of Fuji Xerox and its subsidiaries provided to Xerox prior to the date of the Subscription Agreement and taking into account other circumstances limiting the ability of the Company, Fujifilm and Fuji Xerox to consummate a transaction.
• Thereafter, Xerox entered into a new settlement agreement with Carl Icahn and Darwin Deason. The settlement agreement resolves the pending proxy contest in connection with the company's 2018 Annual Meeting of Shareholders and Mr. Deason's litigation against Xerox and its directors. It does not affect any claims of Mr. Deason or other Xerox shareholders against Fujifilm for aiding and abetting.
• Under the terms of the settlement agreement, the following occurred:
  • Xerox appointed five new members to its Board of Directors: Jonathan Christodoro, Keith Cozza, Nicholas Graziano, Scott Letier and John Visentin.
  • Gregory Brown, Joseph Echevarria, Cheryl Krongard and Sara Martinez Tucker will continue to serve as members of the Xerox Board of Directors.
  • Robert J. Keegan, Charles Prince, Ann N. Reese, William Curt Hunter, and Stephen H. Rusckowski each resigned from the Board of Directors of Xerox.
  • Jeff Jacobson resigned from his role as Chief Executive Officer and as a member of the Board of Directors of Xerox.
  • Subsequent to joining the Xerox Board of Directors, Keith Cozza, the Chief Executive Officer of Icahn Enterprises L.P., is expected to be appointed as the new
  • Chairman of the Board of Directors of Xerox, and John Visentin is expected to be appointed as the Vice Chairman and new Chief Executive Officer of Xerox.

-=Xerox (XRX) reported earnings on Wed 31 January 2018 (BMO)

Xerox beats by $0.09, beats on revs; guides FY18 EPS above consensus, revs above consensus

• Reports Q4 (Dec) earnings of $1.04 per share, $0.09 better than the Capital IQ Consensus of $0.95; revenues rose 0.5% year/year to $2.75 bln vs the $2.63 bln Capital IQ Consensus.
• Co issues upside guidancefor FY18, sees EPS of $3.50-3.70 vs. $3.50 Capital IQ Consensus Estimate; sees FY18 revs of $9.9-10.1 bln vs. $9.79 bln Capital IQ Consensus Estimate.

Xerox Corp., a once-iconic American innovator that became synonymous with office copy machines,  cedes control to Fujifilm, ending its independence

• Joint venture to eliminate 10,000 jobs globally in revamp
• U.S. company’s ubiquitious office copiers became a verb
• Activist investor Carl Icahn had pushed Xerox to explore “strategic options,” including shaking up its joint venture with Fujifilm.

Xerox and FUJIFILM (FUJIY) enter into a definitive agreement to combine Xerox and their longstanding Fuji Xerox joint venture 

• FUJIFILM Holdings and Xerox Corporation announced that they have entered into a definitive agreement to combine Xerox and their longstanding Fuji Xerox joint venture. The combined company will be a global leader in innovative print technologies and intelligent work solutions with annual revenues of $18 billion and leadership positions in key geographic regions.
  • This proposed combination provides Xerox shareholders with significant cash at closing, as well as a substantial interest in the significantly enhanced combined company.
  • Under the terms of the agreement, Xerox shareholders will receive a $2.5 billion special cash dividend, or approximately $9.80 per share, funded from the combined company's balance sheet, and own 49.9% of the combined company at closing.
  • The cash dividend represents more than 30% of Xerox's unaffected share price of $30.35 based on closing share price as of January 10, 2018.
  • Fujifilm will own 50.1% of the combined company and provide important operational support and transformational leadership.

=Long trade : Xerox Corp (XRX) +6% (1/18)

• Jan 4:  #1, 5, 8, 9, 10, 22, 37, 44, 52, 67, 95  $29.60; vol. 2.5M

• Wall Street Journal reports that the company is discussing potential deals with Japan's Fujifilm Holdings.

(Reuters) - Xerox Corp (XRX), under pressure to find new growth sources amid shrinking demand for its printer and copier business, is in talks for a deal with Japanese camera maker Fujifilm Holdings <4901.T> that could include a change in control of Xerox, the Wall Street Journal reported.

Norwalk, Connecticut-based Xerox been targeted by activist investor Carl Icahn as it struggles to reinvent its legacy business amid waning demand for office printing. Fujifilm is trying to streamline its copier business with a larger focus on document solutions services.

Xerox, which pioneered photocopiers, and Fujifilm already have a five-decade old Tokyo-based copier joint venture focusing on the Asia Pacific region including Japan and China, leaving Xerox to cover the rest of the world.

The Journal report on Wednesday cited people familiar with the matter. It also said a full takeover of Xerox is not on the table, citing one of the people. (http://on.wsj.com/2EwGDXQ)

Xerox declined to comment. Fujifilm said it would not comment on speculative reports.

Xerox has a market value of about $7.7 billion (5.70 billion pounds), while Fujifilm is valued at around $22 billion.

Xerox "desperately" needed new leadership as it was slow to launch new products and increase revenue, Icahn wrote in an open letter to shareholders in December, a day after nominating four members to the board. He is Xerox's biggest shareholder with a stake of 9.7 percent.

Xerox spun off its business process outsourcing unit in 2016 and separated into two independent, publicly traded companies.

Fujifilm shares fell 1.8 percent in Tokyo to 4,724 yen per share following the Journal report, while the broader Japanese market (.N225) slipped 0.3 percent.

The copier joint venture, Fuji Xerox, was created in 1962 and now accounts for nearly half of Fujifilm's sales and operating profit.

Fujifilm has been seeking growth outside its shrinking photographic film business, stepping up its acquisition drive in areas such as regenerative medicine.

Past deals include the 2015 purchase of Cellular Dynamics International Inc, a U.S. biotechnology firm that makes human-induced pluripotent stem (iPS) cell lines and tissue cells.

Last August, it said it aimed to spend 500 billion yen ($4.49 billion) in strategic acquisitions over three years.

($1 = 111.7000 yen)

=Xerox (XRX) reported earnings on Thur 26 Oct 2017 (b/o)

Xerox beats by $0.07, reports revs in-line; guides FY17 EPS in-line 

• Reports Q3 (Sep) earnings of $0.89 per share, excluding non-recurring items, $0.07 better thanthe Capital IQ Consensus of $0.82; revenues fell 5.0% year/year to $2.5 bln vs the $2.49 bln Capital IQ Consensus.
• Co issues in-line guidance for FY17, sees EPS of $3.28-3.44 (Prior $3.20-3.44), excluding non-recurring items, vs. $3.35 Capital IQ Consensus Estimate.
• Xerox revised its operating cash flow from continuing operations guidance to reflect incremental pension contributions, the elimination of certain accounts receivable (A/R) sales programs and higher operational cash flow. The company expects to end the year with more than $1.0 billion of cash on its balance sheet. 

Conduent (CNDT) completes its separation from Xerox (XRX)

 

 

Conduent (CNDT) completed its separation from Xerox (XRX) and is now an independent public company trading on the NYSE. Conduent debuts as the world's largest pure-play business process services leader with approximately $6.7 billion in annual revenue, a portfolio of differentiated offerings and a vision focused on technology and innovation to advance the client and constituent experience.

=Xerox (XRX) reported earnings on Fri 28 Oct 2016 (b/o)

Xerox reports EPS in-line, misses on revs; guides Q4 EPS in-line; Conduent spin off on track  :

• Reports Q3 (Sep) earnings of $0.27 per share, in-line with the Capital IQ Consensus of $0.27; revenues fell 2.8% year/year to $4.21 bln vs the $4.31 bln Capital IQ Consensus. 
  • Services rev +1% to $2.4 bln; margin of 9.4 percent, up 1.6 percentage points on an adjusted basis
  • Document Technology rev down 9%; margin of 13.1 percent, down 0.8 percentage points
• Co issues in-line guidance for Q4, sees adj. EPS of $0.32-0.35 vs. $0.34 Capital IQ Consensus Estimate. 
• Conduent's spin off on track to complete by year end: Stock will trade on the New York Stock Exchange (:NYSE) under the symbol "CNDT." 

Xerox (XRX) reported earnings on Mon 25 Apr 2016 (b/o)

** 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. 

Xerox (XRX) reported earnings on Mon 26 October 2015 (b/o)

** charts after earnings **

The company this morning reported a decline of 9.6 percent in revenue during the third quarter. Analysts attributed the drop to subpar sales of Xerox's printers, combined with the impact of the strong U.S. dollar.

Xerox also announced that its board has authorized a review of the "structural options" for its business portfolio and its capital allocation options.

Revenue was $4.3 billion in the most recent quarter, compared to $4.8 billion in the same three-month period a year ago.

Xerox recorded a loss of $34 million in the third quarter, as opposed to a $266 million profit in the identical quarter a year ago.
Xerox, which is now based in Connecticut, has a worldwide workforce of 140,000.