Xerox guidance in line with forecasts
The printing and copying giant said profits for 2009 would be about what analysts expect; cautions that extraordinary volatility of dollar could impact results.
By David Goldman, CNNMoney.com staff writer
EW YORK (CNNMoney.com) — Document services and imaging company Xerox Corp. said Monday that its 2009 profit would be roughly in line with analysts’ forecasts.
The Norwalk, Conn.-based Xerox (XRX, Fortune 500) said profits would be in range of $1 to $1.25 per share, which is roughly in line with consensus estimates of $1.16 a share, according to Thomson Financial.
The company said its expectations reflect the “extraordinary volatility” of the dollar but added that it is sufficiently capitalized to weather the economic and financial downturn.
“We’re managing our operations with a close eye on the bottom line,” said Anne Mulcahy, Xerox chief executive officer, in a statement. “Despite the current economy, the backlog of orders for our products …along with our disciplined approach to cost management give us confidence in the overall health of our business and our ability to navigate through these challenging times.”
Xerox said its recent restructuring efforts will save the company $200 million next year and it is encouraged that its backlog of product orders and multi-year document services contracts will carry the company through an uncertain economic climate. Source CNN