Xerox Posts Mixed Q3 Results; Shares Turn Red

Xerox Corp XRX reported mixed results for the third quarter. While earnings came in line with the estimates, revenue fell shy. The company offered a soft outlook for the fourth quarter.

• Reports adjusted EPS of $0.27, in line with expectations.
• Delivers revenue of $4.212 billion, misses by $0.098 billion.
• Guided Q4 Adjusted EPS to be $0.32-$0.35 versus analysts' expectations of $0.34.
• Expects full year adjusted EPS between $1.11 and $1.14 compared to expectations of $1.13.
• Separation remains on remain to be completed by the current year end.

Chairman and CEO Ursula Burns commented, "In an important period for Xerox when our separation-related activities ramped up significantly, we delivered solid financial results despite challenging market conditions. This reflects our commitment to executing on all aspects of our ambitious agenda, including our strategic transformation and achieving our 2016 financial objectives."

Though the stock initially traded higher, shares fell 1.46 percent to $9.43 in the pre-market session.