Xerox first-quarter results down, updates Reinvention progress
|
Getting your Trinity Audio player ready...
|
Xerox, Norwalk, Conn., reported first-quarter revenue of $1.50 billion, down 12.4 percent, or 13.2 percent in constant currency. The company has a GAAP net loss of $(113) million, or $(0.94) per share, a decrease of $184 million or $1.37 per share, year-over-year, respectively. This quarter includes after-tax Project Reinvention related charges of $100 million, or $0.80 per share.
Adjusted net income of $11 million, or $0.06 per share, declined by $71 million or $0.43 per share, year-over-year, respectively.
The company also announced an update to Reinvention program, including the discontinuation of its iGen lineup. Xerox says it continues to simplify offerings to ensure having the right mix of products and software that align with the evolving needs of our clients.
Xerox is preparing to discontinue manufacturing of the Xerox iGen 5 Press and the Xerox Nuvera Presses, two legacy platforms that helped create the Production Print industry. Order fulfillment for iGen and Nuvera is expected to continue through 2024 or while inventory lasts. Xerox will provide to support for these platforms throughout the life of their contracts.
The Xerox Iridesse Production Press, Xerox Versant Press and the Xerox PrimeLink digital printers, enabled by the recent multi-year contract signed with FUJIFILM Business Innovation Inc., continue serving client needs across a wide variety of applications from photo and book publishing to folding cartons. This line-up of presses complete with Xerox technology uses scalable production print technology suitable for a broad range of print providers – including in-plant, commercial printers, and agencies – providing significant growth opportunities. Xerox will continue taking and fulfilling orders and providing life-of-contract support for the cut sheet Xerox Baltoro HF Inkjet Press as we evaluate strategic options for our high-speed inkjet technology.
Additionally, Xerox recently entered into an agreement with a third-party provider of high-speed continuous feed inkjet for Xerox clients who require high-volume continuous feed printing