Xerox Releases 2Q 2024 Results

Xerox Holdings Corporation announced its 2024 second-quarter results.

Xerox reported revenue of $1.58 billion, down 10%, or 9.6% in constant currency, and GAAP net income of $18 million, or $0.11 per share, up $79 million or $0.52 per share, year-over-year, respectively.

Adjusted net income was $41 million, or $0.29 per share, down $31 million or $0.15 per share, year-over-year, respectively. Operating cash flow was $123 million, up $28 million year-over-year. Free cash flow of $115 million, up $27 million year-over-year.

“The comprehensive and strategic operating model changes implemented in Q1 caused a short period of disruption but are delivering the intended improvements in financial results. Adjusted operating income margin, free cash flow and revenue trajectory improved sequentially in Q2. Momentum in orders, enhanced sales operations and new product initiatives are expected to drive a return to revenue growth in the second half of the year,” said Steve Bandrowczak, chief executive officer at Xerox.

“Q2 results give us confidence Xerox’s new operating model, which is more streamlined and closely aligned to the economic buyers of our products and services, is enabling the operating improvements required to deliver an incremental $300 million of adjusted operating income over 2023 levels and a return to double-digit adjusted operating income margin by 2026.”