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Xerox reports second-quarter revenue up 22.4 percent Earnings reports 

Xerox reports second-quarter revenue up 22.4 percent

GaryPageau
Xerox Corp. reported second-quarter revenue was up 22.4 percent to $1.79 billion and GAAP earnings per share (EPS) of $0.46, up from $0.15 year-over-year, and adjusted EPS of $0.47, up $0.32 year-over-year. “We saw growing demand for our products and services in the second quarter. Increased equipment sales and print volumes in many regions are consistent with a continuing, gradual... Read More
Industry Notes for the week of Dec. 12 Events News People on the Move Updates 

Industry Notes for the week of Dec. 12

GaryPageau , , , , , ,
  Pro Photography Lifetouch reducing staff by 100 at Ontario, Ohio church directory plant  Lifetouch notified the State of Ohio the company will reduce permanently reduce staff by 100 persons by February 2021, at its Ontario, Ohio facility. The Shutterfly Lifetouch Church Business operations were severely impacted by COVID-19, the company said in a letter to the Ohio Department of Jobs... Read More
Xerox debuts new print products, including three printers New Products 

Xerox debuts new print products, including three printers

GaryPageau
Xerox Holdings Corp. announced new presses, technology enhancements for existing printers as well as AI and automation features. The announcements included: A color accelerator module for Baltoro, expanding inkjet applications and adding ink-saving automation Addition of fluorescent pink to the Iridesse Production Press, enhancing its metallics, white and clear color palette Three new printers in the VersaLink and Versant family capable... Read More
Xerox reports 19 percent drop in third-quarter revenue Earnings reports 

Xerox reports 19 percent drop in third-quarter revenue

GaryPageau
Xerox Holdings Corp. announced its third-quarter 2020 revenue of $1.77 billion, down 18.9 percent year-over-year or 19.7 percent in constant currency and up $302 million from the second quarter. Operating cash flow from continuing operations was $106 million, down $242 million year-over-year and up $72 million from the second quarter. “The flexibility and financial discipline we have built in our... Read More
Xerox reports second-quarter revenue drops 35.3 percent Earnings reports News 

Xerox reports second-quarter revenue drops 35.3 percent

GaryPageau
Xerox Holdings Corp. reported second-quarter revenue of $1.47 billion, a decrease of 35.3 percent year-over-year. The company also reported $34 million of operating cash flow from continuing operations, down $242 million year-over-year, and $15 million of free cash flow, down $245 million year-over-year. “I am proud of our employees who did what was necessary during this unprecedented disruption to support our business... Read More
Xerox reports lower first-quarter sales Earnings reports 

Xerox reports lower first-quarter sales

GaryPageau 1 Comment
Xerox Holdings Corp. reported first-quarter revenue dropped 14.7 percent to $1.86 billion, with cash flow dropping to $173 million of operating cash flow from continuing operations, down $49 million year-over-year, and $150 million of free cash flow, down $57 million year-over-year. “During this unprecedented time, we are committed to doing everything in our power to protect our employees, customers, partners... Read More
Xerox, Vortran Medical partner to mass-produce disposable ventilators News 

Xerox, Vortran Medical partner to mass-produce disposable ventilators

GaryPageau , ,
Xerox Holdings Corp. and Vortran Medical Technology teamed up to speed and scale production of Vortran’s GO2Vent ventilator and related Airway Pressure Monitor (APM-Plus) for hospitals and emergency response units fighting the battle against COVID-19. Assuming a stable supply of essential parts, the companies will be rapidly scaling up production from approximately 40,000 ventilators in April to between 150,000 and 200,000... Read More
Xerox abandons tender off for HP, due to COVID-19 pandemic Acquisitions News 

Xerox abandons tender off for HP, due to COVID-19 pandemic

GaryPageau ,
Xerox Holdings Corp. is abandoning its effort to acquire much-larger rival HP Inc., citing the “macroeconomic and market turmoil” caused the COVID-19 pandemic. The company said it is withdrawing its $24-per-share tender offer to acquire HP and will also no longer seek to nominate  a slate of candidates to HP’s Board of Directors. The company’s statement continued: While it is... Read More
HP says Xerox tender offer is “disastrous” in current climate Acquisitions News 

HP says Xerox tender offer is “disastrous” in current climate

GaryPageau ,
HP Inc. advised shareholders advancing Xerox’s proposed tender offer could be “disastrous” during the current global COVID-19 pandemic. HP said the Xerox’s offer would burden the company with a debt level that could potentially threaten its cash needs, but hasn’t ruled out a future combination if and when the economy improves.  HP also raised concerns the “highly leveraged capital structure”... Read More
Xerox puts HP bid on hold due to COVID-19 concerns Acquisitions News 

Xerox puts HP bid on hold due to COVID-19 concerns

GaryPageau ,
Xerox Holdings Corp. today put a hold on takeover bid activities for HP Inc. due to the global COVID-19 pandemic. “In light of the escalating COVID-19 pandemic, Xerox needs to prioritize the health and safety of its employees, customers, partners and affiliates over and above all other considerations, including its proposal to acquire HP,” said John Visentin, Xerox vice chairman... Read More
Xerox officially launches HP tender offer; HP rejects it Acquisitions News 

Xerox officially launches HP tender offer; HP rejects it

GaryPageau , 1 Comment
Xerox Holding Corp. officially launched its $34 billion cash-and-stock offer for HP Inc., a proposal valued at about $24 a share. (For each HP share, a holder would receive $18.40 in cash and 0.149 Xerox shares.) The offer is set to expire April 21. Xerox already nominated 11 candidates for HP’s board to help close the deal. “Our proposal offers... Read More
Xerox names Tali Rosman as vice president, 3D Business People on the Move 

Xerox names Tali Rosman as vice president, 3D Business

GaryPageau ,
Xerox announced the hiring of Tali Rosman as vice president of Xerox’s 3D Business. In this role, she reports to Naresh Shanker, chief technology officer of Xerox. Rosman joins Xerox most recently from NICE, where she was vice president and head of business operations for the Americas. “3D is the most advanced of our five new innovation pillars in terms of... Read More
HP announces earnings, plans to spend $15 billion to buy back shares Acquisitions Earnings reports Feature News 

HP announces earnings, plans to spend $15 billion to buy back shares

GaryPageau ,
Facing an increasingly hostile takeover pitch from Xerox Holdings, HP Inc. used its quarterly earnings announcement to offer a “multi-year strategic and financial value creation plan” to deliver improved financial results by 2022. The cross-company plan will include billions in “sustained cost actions” and a $16 billion capital return program over three years. Under the plan, HP says it will... Read More
While Xerox courts HP shareholders, HP adopts poison pill Acquisitions News 

While Xerox courts HP shareholders, HP adopts poison pill

GaryPageau , 1 Comment
HP Inc. announced it would implement a poison pill plan to thwart the attempt by rival Xerox Holdings to acquire the maker of printers. Xerox recently raised its offer earlier this month by $2 to $24 per share, following a series of rejections of other buyout offers. Meanwhile, Reuters reported Xerox execs hosted a dinner in Greenwich Village for HP shareholders... Read More
Xerox names Mary McHugh executive vice president, chief delivery and supply chain officer People on the Move 

Xerox names Mary McHugh executive vice president, chief delivery and supply chain officer

GaryPageau
Xerox Holdings Corp. appointed of Mary McHugh as executive vice president and chief delivery and supply chain officer. In her new role, she will report to Steve Bandrowczak, president and chief operations officer of Xerox. “Last year, we began working to implement a frictionless, high-velocity supply chain to increase flexibility and responsiveness and improve customer service,” said Bandrowczak. “By bringing... Read More