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Xerox Net Income Climbs 79% on Color Demand, Supplies (Update5)

By Courtney Dentch

Jan. 24 (Bloomberg) -- Xerox Corp., the world's largest maker of high-speed color printers, posted a greater-than- expected 79 percent profit jump on increased demand for equipment and supplies. Xerox rose the most in more than two years in New York trading.

Fourth-quarter net income climbed to $382 million, or 41 cents a share, from $214 million, or 22 cents, a year earlier, the Norwalk, Connecticut-based company said today in a statement. Sales increased 11 percent to $4.88 billion and the company extended its share buyback program by $1 billion.

Xerox boosted color revenue 14 percent by adding devices that print, copy, fax and scan, and expanded document-management services into paper-intensive industries such as finance and health care. Sales of toner, paper and supplies rose 13 percent, much like companies that produce shaving razors benefit from selling blades later, an analyst said.
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