Xerox's 1Q results lift stock as revenue climbs

NORWALK, Conn. (AP) — Xerox Corp.'s first-quarter results as well as its forecast for the current quarter topped Wall Street expectations today as revenue from services and copier and printer supplies picked up.

The company's stock climbed 84 cents, or 8 percent, to $11.29 in morning trading after reaching a 52-week high of $11.72.

Xerox posted a loss of $42 million, or 4 cents per share, for the first three months of the year, compared with a profit of $42 million, or 5 cents per share, a year earlier.

The company was dragged down in the most recent quarter by one-time expenses related to layoffs and its acquisition of Affiliated Computer Services Inc.

Excluding one-time costs, however, Xerox said it earned 18 cents per share, beating the average forecast from analysts of 13 cents per share, according to Thomson Reuters.

Revenue jumped 33 percent to $4.7 billion, primarily because of the ACS acquisition.