Xerox (XRX) Earnings Miss Estimates In Q1, Revenues Beat
Zacks Investment Research | May 03, 2018 11:11PM ET
Xerox Corporation (NYSE:XRX) reported mixed first-quarter 2018 results, wherein the company’s bottom line lagged the Zacks Consensus Estimate but the top line surpassed the same.
Adjusted earnings per share of 68 cents were up by a penny from the year-ago quarter but lagged the Zacks Consensus Estimate by 2 cents.
In January 2018, Xerox and FUJIFILM inked a definitive deal worth $6.1 billion to combine the FujiXerox joint venture with Xerox. Per the deal, Fujifilm will own 50.1% of the combined company.
Xerox is expected to declare a special one-time cash dividend of $2.5 billion or around $9.80 per share (based on the shares of Xerox common stock outstanding as of Mar 31, 2018). The special dividend will be paid before the closing and funded by a new borrowing as discussed under “Bridge Facility".
Fujifilm will not be a shareholder of Xerox as of the record date for the special dividend and will not receive any payment.
We observe that shares of Xerox have gained a mere 0.1% in the past six months compared with the Zacks Investment Research
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