Excluding certain items, earnings were $2.71 per share, or 9 cents short of per-share projections from industry analysts, according to a survey by Zacks Investment Research
Zacks Investment Research
said Wednesday morning it believes the move will help Xerox "protect patents, reduce tax bills and diversify businesses efficiently." The reorganization will complement the company's strategic transformation program to achieve productivity and cost reduction and aggressive product development efforts, Zacks officials said.
The average estimate of 14 analysts surveyed by Zacks Investment Research
was for earnings of 30 cents per share.
The average estimate of six analysts surveyed by Zacks Investment Research
was for earnings of 78 cents per share.
The data are provided by Zacks Investment Research
. The data checking process was aided by information provided by S&P Global Market Intelligence.
Prior to joining Rush Street Capital, James Sheehan worked in Institutional Sales at Zacks Investment Research
, where he sold research platforms to Portfolio Managers, CIOs, and Financial Advisors at Broker Dealers, RIAs, and other institutions.
The average estimate of four analysts surveyed by Zacks Investment Research
was for adjusted earnings of $1.97 per share.
That's nowhere close to the average estimate of five analysts surveyed by Zacks Investment Research
, which was for earnings of 73 cents per share.
The average estimate of three analysts surveyed by Zacks Investment Research
was for funds from operations of cents per share.
Analysts, on average, had forecast adjusted EPS of $1.01 per share, according to Zacks Investment Research
. Cardinal said adjusted operating earnings were $610 million versus $669 million in the prior-year period.
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Analysts polled by Zacks Investment Research
had expected 91 cents per share on average, while management's guidance had called for earnings of 80 cents to $1.00 per share.