Xerox Loses Steam In Q1, Stock Dips
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 23 2024
0mins
Source: earning
Xerox Holdings Corp Q1 2024 Performance:
- Reported a 12.4% sales decline to $1.50 billion, missing consensus.
- Revenues dropped by 13.2% at constant currency, with adjusted EPS of $0.06 missing analyst expectations.
- Equipment sales fell by 25.8%, while post-sale revenue declined by 8.5%.
- Gross margin decreased by 480 basis points Y/Y to 29.5%.
- Adjusted operating income was $33 million, down from $118 million last year.
Financial Outlook and Stock Performance:
- FY24 revenue outlook reiterated at $6.54 billion – $6.68 billion.
- Free cash flow guidance set at least $600 million, with an adjusted operating margin outlook of at least 7.5%.
- Xerox stock gained 21% in the last 12 months but is currently trading lower by 10.8% at $14.65.
Analyst Views on VERS
Wall Street analysts forecast VERS stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for VERS is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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Current: 62.457
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Current: 62.457
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
