Xerox Holdings Corp (XRX)

[Fastmandoo]

Xerox 3rd-quarter profit doubles
Xerox profit doubles in 3rd quarter on strong sales, service contracts; company ups outlook


On Thursday October 21, 2010, 7:16 am
NEW YORK (AP) -- Xerox says it doubled its profit in the third quarter thanks to surging demand for its copying equipment and double-digit growth in service contracts.

The company Thursday reported net income of $250 million, or 17 cents a share, for the quarter, compared with $123 million, or 14 cents a share, a year ago. Excluding one-time items, adjusted income was 22 cents per share.

Revenue rose 48 percent to $5.43 billion. Service contracts jumps 26 percent.

On average, analysts expected earnings per share of 21 cents and revenue of $5.45 billion.

The Norwalk, Conn., company says that based on its momentum, it's raising its outlook for both this year and 2011. It also says it expects 2010 restructuring charges to come in $120 million above its prior estimates.