Xerox posts drop in 3Q earnings

[October 22, 2009]  NORWALK, Conn. (AP) -- Xerox Corp. is reporting another drop in quarterly profit as companies continue to spend cautiously on printer and copier supplies and take longer to upgrade office equipment.

But the Norwalk, Conn.-based company is benefiting from cost controls, boosting its full-year adjusted profit forecast ahead of expectations.

Xerox earned $123 million, or 14 cents per share, in the three months ended Sep. 30. That's down 52 percent from $258 million, or 29 cents per share, a year ago.

It says sales fell 16 percent to $3.68 billion.

Hoping to find a new engine for growing revenues, Xerox agreed last month to buy Affiliated Computer Services Inc., a company that handles critical back-office functions for other businesses.

[Associated Press]

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