: Xerox stock rises premarket after swinging to profit

Xerox Holdings Corp. stock XRX rose 1.6% in premarket trades Tuesday after the printer and copy-machines maker swung to third-quarter profit. Xerox’s net income rose to $49 million, or 28 cents a share, after a loss of $383 million, or $2.48, in the prior year’s quarter. On an adjusted basis, Xerox earned 46 cents a share, up from 19 cents a share in the same period last year, and above analysts’ estimate of 35 cents a share. The company’s revenue was $1.652 billion, down from $1.751 billion in the prior year’s quarter. Analysts were looking for revenue of $1.731 billion. Xerox’s free cash was flow was $112 million, up $130 million year-over-year. “Growth in adjusted profit, EPS and free cash flow reflects solid execution of our strategic priorities amid a challenging macro backdrop,” said Xerox CEO Steve Bandrowczak, in a statement. Xerox forecast 2023 revenue to be flat to down low-single-digits in constant currency and free cash flow to be at least $600 million. Xerox will continue simplifying and focusing its operations, according to Bandrowczak. Xerox’s stock has fallen 7.7% in 2023, compared with the S&P 500 index’s SPX gain of 9.8%.

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