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Xerox warns on 3Q loss
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October 12, 2001: 8:47 a.m. ET
Copier company says loss will be almost double forecasts following attack.
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NEW YORK (CNNmoney) - Troubled copier maker Xerox Corp. warned Friday that its third-quarter loss will be nearly twice as large as expected despite revenue that should be near forecasts.
The company said it will lose 22 cents a share, excluding a 5 cent a share restructuring charge. Analysts surveyed by earnings tracker First Call were forecasting a loss of 12 cents a share, with loss estimates running from 8 to 17 cents. The company lost 30 cents a share in the third quarter a year ago.
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CNNfn's Fred Katayama reports on Xerox's warning on third-quarter loss.
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The company said revenue should be between $3.8 billion and $4.0 billion, a range that includes the First Call forecast of $3.9 billion.
The company said it had been on target to meet third-quarter forecast before the Sept. 11 terrorist attack. It said changes in currency exchange rates were responsible for 9 cents a share of the loss, and that it also was hit by a tax rate change and a property insurance deductible related to Sept. 11 losses.
The company warned July 25 that it expected a third-quarter loss. Analysts had expected earnings of 6 cents a share before that warning.
Shares of Xerox (XRX: down $0.56 to $7.58, Research, Estimates) gained 26 cents to $8.14 Thursday. 
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