Xerox Corp. (NYSE: XRX) announced Friday that its second-quarter profit climbed to $319 million, or 22 cents per share, from $227 million, or 22 cents per share, in the year-earlier quarter. On an adjusted basis, the company earned 27 cents per share in the latest quarter. Revenue rose to $5.61 billion from $5.51 billion. Analysts, on average, expected the company to report earnings of 24 cents per share on revenue of $5.63 billion.
"During the second quarter, our disciplined focus on scaling our services business and delivering operational improvements helped to increase bottom-line results and generate operating cash, positioning us well to increase our earnings expectations for the full year," said Ursula Burns, Xerox chairman and chief executive officer.
Looking ahead, Xerox said that it expects third-quarter 2011 GAAP earnings of 20 cents to 22 cents per share. Third-quarter adjusted EPS is expected to be 24 cents to 26 cents per share.
The company also raised its full-year 2011 GAAP earnings expectations to 91 cents to 96 cents per share. Full-year adjusted earnings are expected to be $1.07 to $1.12 per share.
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