P.M. BRIEFING : Xerox Posts 7% Profit Increase
STAMFORD, Conn. — Xerox Corp. reported a 7% increase in second quarter profits today, saying the results indicate it is on track toward achieving its goals in a major restructuring launched in January.
The office products company said profits rose to $179 million, or $1.67 a share, from $167 million, or $1.59 a share, in the year-ago second quarter. Revenues rose 7% to $4.4 billion.
In January Xerox set a major restructuring program, including layoffs of 2,000, or 2% of its work force, and an exit from the medical systems business. It took a pretax charge of $275 million to write off the non-performing assets.
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