10.24.23
Xerox Holdings Corporation announced its 2023 third-quarter results.
Revenue was $1.65 billion, down 5.7%, or 7.4% in constant currency. GAAP net income was $49 million, or $0.28 per share, up $432 million or $2.76 per share, year-over-year, respectively. Adjusted net income was $77 million, or $0.46 per share, up $44 million or $0.27 per share, year-over-year, respectively.
Adjusted operating margin was 4.1%, up 40 basis points year-over-year. Operating cash flow was $124 million, up $132 million year-over-year. Free cash flow was $112 million, up $130 million year-over-year.
In addition, Xerox announced Reinvention, which is expected to deliver improvement in adjusted operating income of at least $300 million by 2026.
“Growth in adjusted profit, EPS and free cash flow reflects solid execution of our strategic priorities amid a challenging macro backdrop,” said Steve Bandrowczak, CEO at Xerox. “As we continue simplifying and focusing our operations, Reinvention will reposition our business to enable sustainable profit improvement and revenue growth through the expansion of services that best serve our clients’ needs.”
Revenue was $1.65 billion, down 5.7%, or 7.4% in constant currency. GAAP net income was $49 million, or $0.28 per share, up $432 million or $2.76 per share, year-over-year, respectively. Adjusted net income was $77 million, or $0.46 per share, up $44 million or $0.27 per share, year-over-year, respectively.
Adjusted operating margin was 4.1%, up 40 basis points year-over-year. Operating cash flow was $124 million, up $132 million year-over-year. Free cash flow was $112 million, up $130 million year-over-year.
In addition, Xerox announced Reinvention, which is expected to deliver improvement in adjusted operating income of at least $300 million by 2026.
“Growth in adjusted profit, EPS and free cash flow reflects solid execution of our strategic priorities amid a challenging macro backdrop,” said Steve Bandrowczak, CEO at Xerox. “As we continue simplifying and focusing our operations, Reinvention will reposition our business to enable sustainable profit improvement and revenue growth through the expansion of services that best serve our clients’ needs.”