Xerox Releases 1Q 2023 Results

Xerox Holdings Corporation announced its 2023 first-quarter results. Revenue was $1.72 billion, up 2.8% year-over-year or up 5.5% in constant currency. GAAP earnings per share (EPS) were $0.43, up $0.81 year-over-year. Adjusted operating margin was 6.9%, up 710 basis points year-over-year.

Operating cash flow was $78 million, up $12 million year-over-year, whil free cash flow was $70 million, up $20 million year-over-year. Xerox repaid $450 million of debt during the quarter.

“Our team delivered another quarter of strong performance while remaining laser-focused on our three strategic priorities for 2023: client success, profitability, and shareholder returns,” said Steve Bandrowczak, CEO at Xerox.

“Despite a challenging macroeconomic climate, demand for our equipment and services remains resilient and is supported by service offerings that help our clients mitigate current macro headwinds like higher inflation, labor shortages, and tighter liquidity conditions,” Bandrowczak added. “Further, the benefits of a more flexible cost base and ongoing operational efficiencies helped drive improvements in profitability in the first quarter.”