Xerox (NYSE:XRX) Releases Earnings Results, Misses Expectations By $0.28 EPS

Xerox (NYSE:XRX - Get Free Report) released its quarterly earnings results on Tuesday. The information technology services provider reported $0.25 earnings per share for the quarter, missing analysts' consensus estimates of $0.53 by ($0.28), Briefing.com reports. The firm had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.63 billion. Xerox had a negative net margin of 1.60% and a positive return on equity of 7.33%. Xerox's revenue for the quarter was down 7.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.46 earnings per share. Xerox updated its FY 2024 guidance to EPS.

Xerox Trading Down 1.2 %

Shares of XRX traded down $0.10 on Wednesday, reaching $8.39. 3,397,958 shares of the company's stock were exchanged, compared to its average volume of 2,189,010. Xerox has a 12 month low of $8.02 and a 12 month high of $19.78. The company has a current ratio of 1.49, a quick ratio of 1.13 and a debt-to-equity ratio of 1.34. The stock has a market capitalization of $1.04 billion, a P/E ratio of -8.24 and a beta of 1.57. The business has a 50 day moving average price of $10.41 and a two-hundred day moving average price of $11.90.

Xerox Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 11.92%. The ex-dividend date is Monday, September 30th. Xerox's dividend payout ratio is -95.24%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on XRX shares. JPMorgan Chase & Co. reduced their price target on shares of Xerox from $11.00 to $8.00 and set an "underweight" rating on the stock in a research report on Wednesday. Loop Capital cut their price objective on Xerox from $14.00 to $11.00 and set a "hold" rating on the stock in a report on Wednesday, August 14th. StockNews.com upgraded Xerox from a "hold" rating to a "buy" rating in a report on Thursday, September 5th. Finally, Morgan Stanley dropped their target price on Xerox from $10.00 to $8.00 and set an "underweight" rating on the stock in a report on Wednesday. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating and one has given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $9.50.

About Xerox

Xerox Holdings Corporation, together with its subsidiaries, operates as a workplace technology company that integrates hardware, services, and software for enterprises in the Americas, Europe, the Middle East, Africa, India, and internationally. The company operates through two segments, Print and Other; and FITTLE.