Rochester, N.Y. (Randy Gorbman) - Xerox is reporting earnings for the fourth quarter that were in line with Wall Street estimates. The company saw profits of $375-million, up sharply from last year.
Earnings per share of 33 cents were up 14 percent over a year ago.
Sales came in slightly below estimates.
Xerox has increasingly depended on revenue from its business services, particularly the income generated by the ACS subsidiary it purchased several years ago.
CEO Ursula Burns says the company grew market share while operating in a challenging economic environment.
Xerox also indicated that it cut 1,000 employees in North America in the 4th quarter, but there was no breakdown for Rochester. However, the company says that employment in Rochester is now at about 6300, down 500 from a year ago.
And Xerox is talking about some restructuring moves in the first quarter of 2012, but did not specify how that might impact employment.
From the amount of restructuring costs the company is talking about, it does not appear that it will be a major reduction.
Xerox also says its board has authorized an additional $500 million in buying back the company's stock, bringing the total available for share repurchase to $1.3 billion.
