Xerox stock jumps toward 5-month high after big profit beat
Shares of Xerox Holdings Corp. (XRX) shot up 5.9% toward a five-month high in premarket trading Thursday, after the maker of copiers and other workplace hardware reported fourth-quarter profit that beat by a wide margin. The company swung to net income of $121 million, or 74 cents a share, from a loss of $675 million, or $3.97 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to 89 cents from 34 cents and beat the FactSet consensus of 49 cents. Revenue grew 9.2% to $1.94 billion, above the FactSet consensus of $1.89 billion. Total costs and expenses fell 27.9% to $1.80 billion. "Resilient demand and improvements in supply chain conditions drove solid Q4 growth in revenue and profits," said Chief Executive Steve Bandrowczak. The stock has run up 20.3% over the past three months through Wednesday, while the S&P 500 has gained 4.9%.
(END) Dow Jones Newswires
January 26, 2023 06:41 ET (11:41 GMT)
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