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OMAHA, Neb., May 05, 2020 -- In response to the ongoing COVID-19 pandemic, Green Plains Inc. (NASDAQ:GPRE) is supplying FDA approved, FCC grade alcohol to Xerox Holdings.
Xerox Holdings Corporation announced that its board of directors declared a quarterly cash dividend of $0.25 per share.
Xerox's (XRX) latest move underscores its support for the society to help it sail through the coronavirus pandemic.
The technology sector is comprised of businesses that sell goods and services in electronics, software, computers, artificial intelligence, and other industries related to information technology (IT).
Due to the public health effects of the COVID-19 outbreak the Xerox Annual Meeting of Shareholders will now be held as a virtual meeting.
Xerox on Tuesday withdrew its 2020 financial guidance, citing the impact of the coronavirus pandemic, and the copy machine maker missed Wall Street's first-quarter earnings expectations. Xerox's revenue totaled $1.86 billion, down 14.7% from a year ago, but beat Wall Street's call for $1.78 billion. Last month, Xerox scrubbed its $35 billion hostile takeover bid for HP Inc. out of concern about the coronavirus outbreak.
Xerox Holdings Corporation will host a live audio webcast with online presentation slides at 8 a.m. ET on Tuesday, April 28 to discuss Q1 results.
During this call, Xerox executives will refer to slides that are available on the web at www.xerox.com/investors. At the request of Xerox Holdings Corporation, today's conference call is being recorded. Other recording and/or rebroadcasting of this call are prohibited without the expressed permission of Xerox.
Xerox Holdings Corporation (NYSE: XRX) announced its first-quarter 2020 financial results.
Non-GAAP profits were 51 cents a share, in the middle of the range the company had told investors to expect.
Weak equipment and post-sale revenues are expected to have hurt Xerox's (XRX) top line in the first quarter of 2020.
(Bloomberg) -- Xerox Holdings Corp., which last month dropped a hostile takeover bid for larger rival HP Inc., withdrew its annual revenue forecast, signaling uncertainty over how high a toll the economic slowdown from the Covid-19 pandemic will take on the copy-machine maker.Revenue reached $1.9 billion over the first quarter, a 14% drop from a year earlier, the Norwalk, Connecticut-based company said Tuesday in a statement. Pretax losses came in at $5 million. Xerox said in January it expected to generate adjusted profit of as much as $3.70 a share on revenue of $8.63 billion in fiscal 2020.Xerox is reporting results for the first time since calling off its effort to acquire HP because of the economic uncertainty caused by the virus. Now Chief Executive Officer John Visentin must shepherd the pioneer in photocopying technology through the downturn in the face of falling demand for printed documents and eight years of declining sales. Businesses, preserving cash to weather a possible recession, are also postponing information technology projects, representing a threat to Xerox.“While this isn’t the year we planned for, it’s the one we have,” Visentin said on a conference call with analysts. “I’m doing everything to make sure that Xerox and its team members get out of this in a position of strength.”Xerox’s shares rose 2% in trading in New York. The stock has plunged 50% this year.The hardware company warned that, because of the lock down measures countries are implementing, the hit on its business could persist. Xerox expects the greatest impact to its revenues from business closures to be during the second quarter, with revenue returning closer to expected levels nearer the end of the year.Xerox generated $325 million in equipment sales of hardware in the first quarter, a decrease of 27% from a year earlier. The company recognized $1.5 billion in post-sale revenue during the period, which includes ink supplies, maintenance and other managed services.Xerox executives said the company is cutting non-essential expenses to preserve cash. The company expects to achieve gross savings of $450 million and return 50% of free cash flow to investors this year.The hardware company is seeing the most demand for machines from U.S. state and federal governments and healthcare clients, Visentin said. Xerox is participating in European government programs that help pay the salaries of its employees, and has encouraged U.S. clients to apply for government subsidy programs. For customers that are struggling, Xerox is trying to find flexible, individual solutions, including letting some businesses defer their monthly payments for a later date.(Updates with CEO quote in fifth paragraph and additional details throughout.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Shares of Xerox Holdings (NYSE:XRX) fell around 2% after the company reported Q1 results.Quarterly Results Earnings per share fell 76.92% over the past year to $0.21, which missed the estimate of $0.36.Revenue of $1,860,000,000 less by 15.68% year over year, which beat the estimate of $1,720,000,000.Looking Ahead Xerox Holdings hasn't issued any earnings guidance for the time being.Revenue guidance hasn't been issued by the company for now.Conference Call Details Date: Apr 28, 2020View more earnings on XRXTime: 08:05 AM ETWebcast URL: https://edge.media-server.com/mmc/p/anphbtqzPrice Action Company's 52-week high was at $39.47Company's 52-week low was at $15.01Price action over last quarter: down 51.33%Company Description Xerox is an original equipment manufacturing and software company. Xerox operates in one segment--design, development and sale of printing technology and related solutions--while deriving 60% of its revenue from North America, and 40% from international markets. The company is an OEM of multifunction printers, or MFPs (printers that can print, copy and scan), focusing on large enterprise markets. Apart from equipment, the company provides post sales services like managed print services--a service that helps to bring smart servicing and efficiencies to how employers use their print/copy equipment. Xerox is attempting to enter new markets like digital print packaging solutions and printed electronics.See more from Benzinga * 6 Technology Stocks Moving In Thursday's Pre-Market Session(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Coronavirus-led weak equipment and post-sale revenues hurt Xerox's (XRX) top line in the first quarter of 2020.
(Bloomberg) -- HP Inc. reported declining quarterly sales, signaling the coronavirus pandemic has disrupted the supply chain of the world’s second-largest personal computer maker. Shares declined about 5.5% in extended trading.Revenue fell 11% to $12.5 billion in the period ended April 30, the Palo Alto, California-based company said Wednesday in a statement. Analysts, on average, estimated $12.9 billion, according to data compiled by Bloomberg. HP projected profit, excluding some expenses, of 39 cents to 45 cents a share in the current quarter, falling short of analysts estimates of 46 cents.HP will delay its splashy $15 billion buyback plan until the “market stabilizes,” Chief Financial Officer Steve Fieler said on a conference call after the results. The company will provide an update on the repurchases some time in the current quarter, he said.The buybacks were part of a $16 billion program to return more money to shareholders. The company adopted the proposal to dissuade investors from supporting a hostile takeover bid by rival Xerox Holdings Corp., which eventually dropped its effort March 31, citing economic uncertainty caused by the pandemic. HP Chief Executive Officer Enrique Lores has sought to shore up the print division he once ran because of its traditional role fueling the company’s profitability.HP reported fiscal second-quarter profit, excluding some expenses, of 51 cents per share, exceeding analysts’ projections of 42 cents.“Driven by supply-chain disruptions, we saw an impact in several of our businesses,” Lores said in an interview. “They started in China, then they evolved into Southeast Asia. But we are back at full capacity.”Executives cautioned that the printing division would post worse results in the current period ending in July than in the previous quarter, but revenue should improve over the course of the period. The company said it is ahead of its target to cut $1.2 billion of expenses by 2022, including by trimming employees’ salaries. HP expects to spend more money on the supply chain and logistics efforts in the current period, executives said on the call.The stock dropped to a low of $16.12 in extended trading after closing at $17.12 in New York. Shares have declined 17% this year.Revenue from personal computers and related systems decreased 7% to $8.3 billion in the period, with declines across laptops, desktops and workstations. Laptop demand held up the best due to more people buying computers to work and learn from home.Sales in the printing division fell 19% to $4.15 billion, with ink supplies dropping 15%. Consumer hardware revenue declined 16% and commercial devices decreased 31%.(Updates with executive comments starting in the third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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Xerox's first-quarter 2020 earnings and revenues decline year over year.