Xerox Corp. (NYSE: XRX) reported Thursday that it swung to a first-quarter profit of $281 million, or 19 cents a share, from a loss of $42 million, or 4 cents a share, in the year-ago period. On an adjusted basis, the company 23 cents a share in the latest quarter. Revenue climbed to $5.47 billion from $4.72 billion. Analysts, on average, expected Xerox to earn 22 cents a share on revenue of $5.5 billion.
"Our results in the quarter reflect solid progress in scaling our services business while maintaining our leadership in document technology," said Ursula Burns, chairman and chief executive officer, Xerox Corporation. "Steady revenue growth and our continued sharp focus on operational improvements resulted in a 28 percent increase in adjusted earnings. It's a good start to the year."
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