Xerox Loss Will Be Larger Than Expected
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Xerox Corp. warned of a much larger third-quarter loss than Wall Street expected, citing poor sales and unusual costs after the Sept. 11 terrorist attacks. The copier and printer giant said it remains cautiously optimistic that operating profit will return in the fourth quarter, however.
Xerox projects a loss of 22 cents to 25 cents a share in the third quarter, before restructuring charges of 5 cents, with revenue of $3.8 billion to $4 billion.
Analysts had on average forecast a loss of 12 cents on revenue of $3.94 billion, according to Thomson Financial/First Call.
The company, which has posted losses for four consecutive quarters, is slated to report results Oct. 23. It has been selling assets and slashing costs in an effort to return to profitability.
Shares of Stamford, Conn.-based Xerox fell 5 cents to $8.09 on the New York Stock Exchange.
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