Xerox Releases Second-Quarter Results 2024
Norwalk, Conn. – WEBWIRE – Thursday, July 25, 2024
Reinvention drives sequential operating and financial improvements in Q2; Company revises full-year outlook, reiterates three-year adjusted operating income improvement target
Financial Summary
Q2 2024
- Revenue of $1.58 billion, down 10 percent, or 9.6 percent in constant currency.
- GAAP net income of $18 million, or $0.11 per share, up $79 million or $0.52 per share, year-over-year, respectively.
- Adjusted net income of $41 million, or $0.29 per share, down $31 million or $0.15 per share, year-over-year, respectively.
- Adjusted operating margin of 5.4 percent, down 70 basis points year-over-year.
- Operating cash flow of $123 million, up $28 million year-over-year.
- Free cash flow of $115 million, up $27 million year-over-year.
- Lowered 2024 revenue guidance to a range of -5% to -6% in constant currency to reflect incremental strategic actions, adjusted operating income guidance to at least 6.5%, and free cash flow guidance to at least $550 million.
- Maintained $300 million adjusted operating income improvement target over 2023 levels by the end of 2026.
Related Earnings Documents
Xerox Q2 2024 Earnings Presentation
(PDF, 1.8 MB)
Xerox Q2 2024 Non-GAAP Measures
(PDF, 944 KB)
Xerox Q2 2024 Financial Model
(PDF, 204 KB) or (Excel, 4.3MB)
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