Xerox Corp posted higher-than-expected first-quarter operating profit, fueled by growing demand for its document management and printing services from small businesses and in developing markets.
The world's No. 1 supplier of digital printer and document management services, which in February closed its acquisition of Affiliated Computer Services, reported a net loss of 42 million, or 4 cents a share, compared with a year-earlier profit of $42 million, or 5 cents a share.
Excluding $135 million in restructuring costs and other special items, earnings were 18 cents a share. Analysts had expected a profit of 13 cents, according to Thomson Reuters
Revenue rose 33 percent to $4.72 billion, beating analysts' forecasts of $4.65 billion. If ACS had been a part of the company one year ago, first-quarter revenue would have been up 5 percent, Xerox said.
The company's results come two days after rival Ricoh Co <7752.T> said its operating profit would be 44 percent larger than previously forecast for the fiscal year ended last month due to cost cuts and recovering demand.
(Reporting by Franklin Paul; Editing by Lisa Von Ahn)