Xerox Shares Soar After Outlook Raise, Surprise 2Q Adjusted Profit

Dow Jones07-30 22:09

Shares of Xerox surged after the company raised its outlook for the year and posted an unexpected adjusted profit for the second quarter.

The stock was up 26% at $3.32 after the opening bell. Shares are now up 40% year-to-date.

The workplace-technology company now expects about $7.6 billion in revenue for the full year, up from a previous target for at least $7.5 billion. It also boosted its goal for adjusted operating income to hit $555 million to $605 million, up from $450 million to $500 million.

Chief Executive Louie Pastor said the company's results in the second quarter were "another reason for confidence" as it works to stabilize revenue, increase profitability and reduce leverage.

Xerox posted a profit of $13 million, or 7 cents a share, compared with a loss of $60 million, or 87 cents a share, in the same quarter a year earlier. Stripping out one-time items, adjusted earnings were 38 cents a share. Analysts polled by FactSet had been expecting an adjusted loss of 12 cents a share.

Revenue rose 22% to $1.92 billion, ahead of analysts' estimates for $1.9 billion.

The strong result was driven by continued benefits from the company's Lexmark acquisition a year ago and its transformation efforts to become a more digital-forward company, Xerox said.

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