Xerox is Plunging 9% After Earnings

Shares of Xerox

have been falling throughout Wednesday's trading session after the company reported disappointing fourth quarter earnings prior to the opening bell. Xerox reported net income attributable to the company of $375 million or $0.26 per share, compared to $171 million or $0.12 per share, in the year ago quarter. On an adjusted basis, EPS was $0.33 versus $0.29 in last year's fourth quarter. This was in line with analysts' consensus EPS estimates of $0.33. Revenues at the company were $5.964 billion compared to $5.976 billion in the year ago period. This missed analysts' consensus revenue estimates of $6.07 billion. Looking ahead to the first quarter, Xerox sees adjusted EPS between $0.21 to $0.24. Analysts currently have consensus Q1 EPS estimates for the company of $0.24. For the full-year, the company anticipates adjusted EPS between $1.12 to $1.18. Wall Street analysts are currently projecting that XRX will report full-year EPS of $1.16. At last check, XRX shares had lost 8.54% to $7.93 as investors react to the revenue miss and tepid forward looking guidance.