Xerox Releases 1Q 2021 Results

Xerox Holdings Corporation announced 2021 first-quarter results, with equipment revenue and IT Services showing particularly good growth.

The company reported $1.71 billion of revenue, down 8.1% year-over-year. GAAP earnings per share (EPS) were $0.18, up $0.21 year-over-year, and adjusted EPS of $0.22, up $0.01 year-over-year.

Xerox had $117 million of operating cash flow, down $56 million year-over-year, and $100 million of free cash flow, down $50 million year-over-year.

“In the first quarter, in an environment where many offices remained closed, we grew equipment sales and IT Services revenue year-over-year. We made progress toward standing up XFS, Xerox Software and PARC Innovation as separate businesses, which we now expect to complete in calendar year 2021,” said John Visentin, Xerox vice chairman and CEO.

“With small and medium-sized business and enterprise clients planning to return more employees to the office, our differentiated offerings are well-positioned to serve their growing needs,” added Visentin. “The strength of our performance, portfolio and strategy give us the confidence we will return Xerox to growth in 2021.”