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Xerox posts better-than-expected quarterly profit

Xerox Corp posted quarterly results that beat expectations, as cost cutting helped to improve margins, and the provider of office document management services delivered an optimistic outlook, sending its shares up 3%.

Xerox, which said its pending takeover of Affiliated Computer Services Inc was on track, also expects to continue cutting costs, and will take a related $250 million charge in the current quarter.

Fourth-quarter net income rose to $180 million, or 20 cents a share, from $1 million, or nil per share a year ago, Xerox said.

Excluding special items, profit was 25 cents a share, which beat Wall Street analysts' expectations of 22 cents a share, according to Thomson Reuters I/B/E/S.

Revenue fell 3% to $4.22 billion. Revenue from sales of supplies and services -- known as “post-sale” revenue -- was flat. (Reuters)