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Xerox results meet Street, keeps 2013 outlook

Xerox logo on a photocopier is seen in this 2005 file photo.

CATHERINE BENSON/Reuters

Xerox Corp. reported fourth-quarter revenue and earnings in line with expectations on Thursday and reiterated its full– year targets as it restructures parts its business.

Revenue was flat at $5.9-billion (U.S.) and earnings per share, excluding items, were 30 cents.

For the first three month of 2013, Xerox expects earnings to be in a range of 23 cents to 25 cents per share. Analysts looked for 24 cents in the first quarter, according to Thomson Reuters I/B/E/S.

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The company reiterated its full-year EPS target of $1.09 to $1.15 and forecast operating cash flow of $2.1-billion to $2.4-billion.

Xerox, which has its roots in the copier and printer business, said quarterly revenue from its services business was up 7 per cent.

Xerox generates more than half of its revenue from its services businesses after its acquisition of Affiliated Computer Services Inc for $5.5-billion in 2009.

Revenue from the document technology business, which includes document systems, supplies, technical services and financing of products, was down 8 per cent due to difficult economic and market conditions, Xerox said.

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