Xerox posts quarterly loss of $736 million; special charges are cited; core business shows gains, and stock climbs
Article Abstract:
Xerox Corp reports a $736 million net loss for 4th qtr 1992, or $7.80 per share, largely because of a $788 million after-tax charge to improve the books of its financial-services operations. The financial-services business took a total of $830 million from Xerox' bottom line for the quarter. Analysts and investors largely dismiss the loss and write-off, because Xerox plans to sell the financial services business. Another $122 million was charged in the quarter to cover a new accounting standard. In sharp contrast, Xerox' core office-equipment business generated a $216 million profit on $4.23 billion in revenue for the quarter. Xerox' stock advances $3.375 to $85.75 on Jan 29, 1993, the day the 4th qtr results are announced.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1993
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Xerox posts net of $212 million for fourth period
Article Abstract:
Xerox Corp posts better than expected earnings for 4th qtr 1989, based on good business machine sales and strong capital gains. Fourth qtr profit is $212 million on revenue of $4.7 billion, compared with a net loss on revenue of $4.4 billion in 1988. Xerox executives are pleased with the results, but they caution that 1990 may be more difficult because the weak insurance climate will probably hurt the companies financial-services division. Wall Street is also pleased with the results, and Xerox shares rise $2.375 to close at $55.50. Analysts say Xerox's turnaround from last year is impressive, but the capital gains are not likely to continue in 1990.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1990
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Xerox to post lower profit for this year
Article Abstract:
Xerox Corp announces it will report lower profit in 1990 than in 1989. Earnings for the firm in 1989 amounted to $704 million on revenue of $17.6 billion, and for 1990 profits will be smaller even before the firm takes a write off of $375 million for bad real estate investments. For Xerox, it is a familiar story, with its main office equipment business doing very well, but the firm continues to lose money with its financial services arm, and in particular its insurance units. Xerox will announce several new multi-purpose office machines that in essence combine copying, scanning, printing and facsimile capabilities in one system.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1990
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