Xerox releases first-quarter results
Xerox Holdings Corp. reported first-quarter revenues of $1.71 billion of revenue, down 8.1 percent year-over-year or 10.4 percent in constant currency. GAAP earnings per share (EPS) were $0.18, up $0.21 year-over-year, and adjusted EPS of $0.22, up by $0.01 year-over-year.
“In the first quarter, in an environment where many offices remained closed, we grew equipment sales and IT Services revenue year-over-year. I am proud of how our employees have continued to deliver for our customers during the pandemic. We made progress toward standing up XFS, Xerox Software and PARC Innovation as separate businesses, which we now expect to complete in the calendar year 2021,” said John Visentin, Vice Chairman and CEO, Xerox. “With small and medium-sized business and enterprise clients planning to return more employees to the office, our differentiated offerings are well-positioned to serve their growing needs. The strength of our performance, portfolio, and strategy give us the confidence we will return Xerox to growth in 2021.”
First-Quarter Key Financial Results:
|
(in millions, except per share data) |
Q1 2021 |
Q1 2020 |
B/(W) YOY |
% Change YOY |
|
Revenue |
$1,710 |
$1,860 |
$(150) |
(8.1)% AC |
|
Gross Margin |
35.7% |
38.3% |
(260) bps |
|
|
RD&E % |
4.3% |
4.5% |
20 bps |
|
|
SAG % |
26.2% |
29.1% |
290 bps |
|
|
Pre-Tax Income (Loss) |
$53 |
$(5) |
$58 |
NM |
|
Pre-Tax Income (Loss) Margin |
3.1% |
(0.3)% |
340 bps |
|
|
Operating Income – Adjusted1 |
$89 |
$87 |
$2 |
2.3% |
|
Operating Margin – Adjusted1 |
5.2% |
4.7% |
50 bps |
|
|
GAAP Earnings (Loss) per Share |
$0.18 |
$(0.03) |
$0.21 |
NM |
|
Earnings Per Share – Adjusted1 |
$0.22 |
$0.21 |
$0.01 |
4.8% |