UPDATE: Xerox Posts Drop In Q1 Profit, Lowers Full-Year Outlook

Xerox

reported a 5.1% drop in its first-quarter earnings and trimmed its earnings outlook for the full year. Xerox now projects full-year adjusted earnings of $1.07 to $1.13 per share, versus its earlier outlook of $1.10 to $1.16 per share. Xerox also expects Q2 adjusted earnings of $0.25 to $0.27 per share. Xerox's quarterly income fell to $281 million, versus $296 million, in the year-ago period. Its per-share earnings came in flat at $0.23. Excluding certain items, it earned $0.27 per share. Xerox in January expected adjusted earnings of $0.23 to $0.25 per share. Its revenue slipped 1.6% to $5.12 billion, versus analysts' estimates of $5.15 billion. Xerox shares dropped 5.84% to $10.80 in pre-market trading.