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The
company, which is splitting into two to separate its printer and
business process outsourcing businesses, took $71 million in
restructuring and related charges in the second quarter, less
than the $100 million it estimated in April.
The company also cut its estimate for one-time pretax separation
costs to $175 million-$200 million from $200 million-$250
million.
Xerox left its full-year estimate for restructuring and related
charges unchanged at about $300 million and said it was on track
to meet its annualized cost savings target of about $700
million.
The company had taken $157 million in restructuring charges in
the year-earlier quarter.
Xerox also said on Friday that it cut about 1,300 jobs globally
in the quarter ended June 30.
Net income from continuing operations rose about 45 percent to
$155 million, or 15 cents per share.
Excluding items, Xerox earned 30 cents per share, beating the
average analyst estimate of 25 cents, according to Thomson
Reuters I/B/E/S.
Revenue fell 4.5 percent to $4.39 billion, in line with the
average estimate.
(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Kirti
Pandey)
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