Xerox net up, revenue flat
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April 22, 1999: 7:22 a.m. ET
Weakness in Brazil, Asia cited for depressed sales; earnings up 14%
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NEW YORK (CNNfn) - Xerox Corp. Thursday reported higher first-quarter earnings in line with expectations, but said revenue was disappointingly flat because of weakness in Brazil and Asia.
The company said first-quarter earnings rose 14 percent to $343 million, or 48 cents a diluted share, from $310 million, or 42 cents, in the year-earlier period. The results were in line with analysts' forecasts, according to First Call Corp.
However, revenue was virtually unchanged at $4.30 billion.
"Although we're pleased that we achieved earnings growth of 14 percent, our revenue performance in the quarter was clearly disappointing but not indicative of our expectations for the full year," said Xerox (XRX) president Rick Thoman, who also blamed the revenue shortfall on "operational factors" in the U.S.
Excluding Brazil operations, revenue rose 3 percent, the company said.
An increase in operating profit margin was credited in part to lower selling, administrative and general expenses.
Xerox shares rose 1-3/4 Wednesday to 60-1/8.
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Xerox
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