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Xerox beats street in 4Q
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January 23, 1998: 9:00 a.m. ET
Further growth predicted, but strong dollar poses 'significant challenges'
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NEW YORK (CNNfn) - Xerox Corp. Friday reported fourth-quarter per share diluted earnings of $1.46, up 24 percent from $1.18 a year ago. Analysts' consensus estimate was $1.41 per share, according to First Call.
Net income increased 23 percent to $525 million from $426 million a year ago. Pre-currency revenues grew 7 percent to $5.4 billion from $5.08 billion.
During the quarter, digital product sales expanded to 41 percent of total revenue, up from 35 percent a year ago.
This growth, the company said, reflects strong placements of its new family of digital black-and-white copiers as well as growth in production publishing and color copying and printing.
Xerox said it anticipates earnings and revenue growth in 1998 but sees "significant challenges" from the impact of the strong dollar and economic conditions in other parts of the world.
"However," Xerox Chairman and CEO Paul A. Allaire said, "our leadership in digital and color positions us well for continued strong revenue growth in 1998."
Intensified emphasis on productivity and expense control will contribute to earnings growth, Allaire said.
The company said black-and-white light lens copier revenue fell 2 percent in the quarter due to customer transition to its new digital copiers, continuing pricing pressures, and a difficult economic environment in Brazil.
Black-and-white light lens copier revenues now represent 47 percent of total revenues. 
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Xerox Corp.
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