Xerox Corp. in Norwalk said Thursday it doubled its profit in the third quarter, helped by surging demand for its copying equipment and double-digit growth in service contracts that is being fueled by its recent acquisition of Affiliated Computer Services, The Associated Press reports.
As it looks to wring more cost savings out of the $6 billion acquisition of ACS, Xerox said Thursday it plans to eliminate 2,500 jobs, or about 2 percent of its 133,000-person work force, over the next year. That comes on top of a separate 2,500 job cut Xerox announced back in January.
Xerox 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, mainly because of the ACS acquisition. Had results from ACS been included in last year’s third quarter, revenue this year would show a 2 percent increase.
The quarter came out mixed as far as Wall Street expectations. Earnings came in a penny above analyst projections of 21 cents a share, according to Thomson Reuters, but revenue fell slightly short of expectations for $5.45 billion.
At 11:30 a.m., Xerox shares were up 23 cents, or 2.1 percent, at $11.32.
