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September 19, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Xerox posts fourth-quarter, full-year ’17 losses

Fresh off the announcement that it’s being acquired by Japan’s Fujifilm for $6.1 billion comes Xerox’s fourth-quarter report – which found the Norwalk printer and copier maker posting a net loss from continuing operations of $196 million, compared with a profit of $185 million a year earlier.

Total revenue was nearly flat at $2.75 billion.

For the quarter ending Dec. 31, 2017, Xerox recorded an estimated noncash charge of $400 million related to the enactment of the U.S. Tax Cuts and Jobs Act. The firm said that the successful launch of new products earlier in the year helped drive equipment sale revenue growth of 4.3 percent or 1.5 percent in constant currency.

For the full year, total revenue was $10.3 billion, down 4.7 percent.

According to Xerox CEO Jeff Jacobson, “The new company expands the longstanding relationship between Xerox and Fujifilm, and will be better positioned to meet customer expectations and deliver incremental value to our shareholders.”