Xerox announced its first-quarter 2017 financial results. The company delivered first-quarter 2017 GAAP earnings per share (EPS) from continuing operations of 2 cents. Revenues were $2.45 billion in the quarter, down 6.2 percent or 4.3 percent in constant currency. Post sale revenue was 80 percent of total revenue.
Xerox generated operating cash flow of $190 million from continuing operations during the first quarter and ended the period with a cash balance of $1.05 billion.
The company returned $87 million in dividends to shareholders and repaid $1.30 billion of debt. “I am pleased with our operational results in the first quarter,” said Jeff Jacobson, Xerox chief executive officer. “Revenue and cash flow were in-line with our expectations and, despite currency headwinds, operating margin expanded driven by productivity savings from our Strategic Transformation initiatives.”