Xerox 4Q net income falls 9 pct

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News,Business

NORWALK, Conn. (AP) — Xerox said Friday its fourth-quarter net income fell 9 percent, hurt by lower revenue at its document technology business.

The Norwalk, Conn.-based company earned $306 million, or 24 cents per share, compared with $335 million, or 26 cents per share, in the same quarter of 2012. Excluding one-time items, the company posted an adjusted profit of 29 cents per share.

Revenue decreased 3 percent to $5.57 billion from $5.76 billion.

Analysts, on average, expected adjusted earnings of 29 cents per share on $5.64 billion in revenue, according to FactSet.

Revenue at the company's services business was flat at $3 billion, while document technology revenue dropped 6 percent to $2.4 billion.

For the full year, Xerox earned $1.16 billion, or 91 cents per share, down from $1.2 billion, or 88 cents per share, in 2012. Revenue edged down to $21.44 billion from $21.74 billion.

For the current quarter, Xerox projected an adjusted profit of 23 cents to 25 cents per share, while analysts expect 24 cents per share.

The company also backed its previous full-year profit prediction of $1.10 to $1.16 per share. Analysts expect $1.14 per share.

Also on Friday, Xerox boosted its quarterly cash dividend by almost 9 percent to 6.25 cents. The dividend will be paid on April 30 to shareholders of record as of March 31.

Xerox shares fell 26 cents, or 2.2 percent, to $11.50 in morning trading. Its shares are up 48 percent over the past year.

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