Xerox reports second-quarter revenue up 22.4 percent
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 return to the office and give us the confidence to reaffirm our revenue and cash flow guidance for the year,” said John Visentin, Vice Chairman and CEO, Xerox. “Over the past 18 months, our team has successfully managed through an unprecedented level of uncertainty to continue delivering value to our clients. This focus will continue in the second half of the year as we manage through global supply chain disruption while investing for sustainable, long-term growth.”
Second-Quarter Key Financial Results:
|
(in millions, except per share data) |
Q2 2021 |
Q2 2020 |
B/(W) YOY |
% Change YOY |
|
Revenue |
$1,793 |
$1,465 |
$328 |
22.4% AC 18.1% CC1 |
|
Gross Margin |
35.6% |
38.5% |
(290) bps |
|
|
RD&E % |
4.4% |
5.2% |
80 bps |
|
|
SAG % |
24.2% |
29.1% |
490 bps |
|
|
Pre-Tax Income |
$99 |
$35 |
$64 |
182.9% |
|
Pre-Tax Income Margin |
5.5% |
2.4% |
310 bps |
|
|
Operating Income – Adjusted1 |
$126 |
$62 |
$64 |
103.2% |
|
Operating Margin – Adjusted1 |
7.0% |
4.2% |
280 bps |
|
|
GAAP Earnings per Share |
$0.46 |
$0.11 |
$0.35 |
318.2% |
|
Earnings Per Share – Adjusted |
$0.47 |
$0.15 |
$0.32 |
|