Shares of Xerox Holdings Corp. XRX, +1.54% slipped 0.6% in premarket trading Tuesday, after the copier and printer maker reported a fourth-quarter profit that missed expectations while revenue topped forecasts. Net income fell to $77 million, or 36 cents a share, from $818 million, or $3.61 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share fell to 58 cents from $1.33, to miss the FactSet consensus of 63 cents. Total revenue fell 21% to $1.93 billion, above the FactSet consensus of $1.90 billion. Gross margin declined to 36.2% from 41.6%. For 2021, Xerox expects revenue of "at least $7.2 billion" on a constant currency basis, while the FactSet consensus is $7.08 billion. "Though the impact of the pandemic continues in 2021, we expect to return to growth this year as we increase the breadth of offerings and reach new customers in existing and new businesses," said Chief Executive John Visentin. The stock has gained 9.7% over the past three months through Monday, while the S&P 500 SPX, -0.15% has advanced 13.4%.
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