Xerox Corp (NYSE:XRX) Reports Loss, After $385m Govt Charges

Xerox Corp announced on Monday that it would be launching a complete review of its different options, as the business posted a loss for the quarter for the first time since 2010 on a big charge. The company has said that it is going to review its operations because of these poor results.

For the third quarter, Xerox lost $34 million, or 4 cents per share – its first quarterly net loss since the first quarter of 2010.

On an adjusted basis, net income from continuing operations attributable to the company declined to $258 million or $0.24 per share from $306 million, or $0.26 per share past year.

Total Revenues for the quarter declined to $4.33 billion from $4.80 billion previous year.

The company also announced that its board has authorized a review of the company’s business portfolio and capital allocation options, with the goal of enhancing shareholder value.

Xerox, which released its third-quarter numbers before USA stock markets opened Monday, reported $4.3 billion in total revenue, compared with $4.8 billion the company reported in the third quarter of 2014.

Xerox Corporationprovides services and technology to enable its customers from small businesses to large global enterprises to focus on their core business.

However, expanding into different areas including bill processing and document management has not been a smooth journey, with Xerox posting a run of quarters of results with dropping revenue. Margin fell 1.2% to 12.8%.

Revenue from the company’s Document Technology business was $1.8 billion, down 12 percent or 9 percent in constant currency.

Analysts polled by FactSet expected earnings of 29 cents per share for the fourth quarter and 95 cents per share for the year.

Xerox reiterated that annual profit excluding a few items would be at the low end of its previous forecast of 95 cents to $1.01 a share.

The company has repurchased $1.3 billion in share buybacks through September, according to a presentation on its website. Chief Executive Officer Ursula Burns said the company isn’t planning to sell itself whole, but would consider any alternatives.