On Thursday, Shares of Xerox Corporation (NYSE:XRX), gained 1.03% to $10.81.
Xerox Corporation declared second-quarter 2015 adjusted earnings per share of 22 cents. Adjusted EPS excludes 5 cents related to the amortization of intangibles and 8 cents for the formerly declared non-cash software impairment charges, resulting in GAAP EPS from ongoing operations of 9 cents.
In the second quarter, total revenue of $4.6 billion was down 7 percent or 3 percent in constant currency. Annuity revenue was 84 percent of total revenue.
Revenue from the company’s Services business, which represented 56 percent of total revenue, was $2.6 billion, down 3 percent or up 1 percent in constant currency. Services margin was 7.5 percent, down 1 percentage point.
Revenue from the company’s Document Technology business was $1.9 billion, down 12 percent or 7 percent in constant currency. Document Technology margin was 12.1 percent, down 2.3 percentage points.
Second-quarter operating margin of 8.2 percent was down 1.6 percentage points from the same quarter a year ago. Gross margin was 31.1 percent, and selling, administrative and general expenses were 19.7 percent of revenue.
Xerox Corporation provides business process and document administration solutions worldwide. The company’s Services segment offers various business process outsourcing services, such as customer care, transaction processing, human resources, communication and marketing, and consulting and analytics services, in addition to finance, accounting, and procurement services.
Shares of The Blackstone Group L.P. (NYSE:BX), declined -4.27% to $39.73, during its last trading session.
Utility One Source declared a partnership with TNT Equipment, a leading provider of specialty equipment and services to the hi-rail and utility industries. Based in Cinnaminson, New Jersey, TNT will remain a family-owned and operated business led by the Reilly family, who will continue to manage and to grow the business as part of Utility One Source. Utility One Source, founded by private equity funds managed by Blackstone earlier this year, is a single-source supplier for the utility and heavy equipment industries with a focus on sales, rental, equipment customization, remanufacturing and installation, and aftermarket services.
The addition of TNT Equipment marks the fifth acquisition under the Utility One Source brand since its formation in February 2015, and is validation of its pledge to build a nation-wide footprint and a comprehensive breadth of product offerings. Funds managed by Blackstone will continue to provide noteworthy growth capital for additional investment in equipment, innovation and an expanded geographic footprint, which will ensure Utility One Source has the customer-focused solutions that the industry requires.
TNT Equipment specializes in the design, remanufacturing, and customization of hi-rail and utility solutions to improve the versatility of their machinery and advance equipment standards in the industry.
Utility One Source is comprised of five family-owned and operated businesses: Custom Truck & Equipment, Utility Fleet Sales, Forestry Equipment of Virginia (FEVA), UCO Equipment, and now TNT Equipment.
The Blackstone Group L.P. is a publicly owned investment manager. The firm also provides financial advisory services to its clients. It provides its services to public and corporate pension funds, academic, cultural, and charitable organizations.
Finally, Dover Corporation (NYSE:DOV), ended its last trade with -0.05% loss, and closed at $64.52.
Dover Corporation declared that for the second quarter ended June 30, 2015, revenue was $1.8 billion, a decrease of 10% from the preceding year. The decrease in revenue was driven by an organic revenue decline of 10% and a 4% unfavorable impact from foreign exchange, partially offset by 4% growth from acquisitions. Earnings from ongoing operations were $155.6 million, a decrease of 26% as contrast to $210.6 million for the preceding year period. Diluted earnings per share from ongoing operations (“EPS”) for the second quarter ended June 30, 2015 were $0.97, contrast to $1.25 EPS in the preceding year period, representing a decrease of 22%. EPS for the second quarter ended June 30, 2015 comprises restructuring costs of $0.01.
Revenue for the six months ended June 30, 2015 was $3.5 billion, a decrease of 8% over the preceding year, reflecting an organic revenue decline of 8% and a 4% unfavorable impact from foreign exchange, partially offset by 4% growth from acquisitions. Earnings from ongoing operations for the six months ended June 30, 2015 were $272.8 million, a decrease of 28% as contrast to $380.6 million for the preceding year period. Diluted EPS for the six months ended June 30, 2015 was $1.69, contrast to $2.23 EPS in the preceding year period, representing a decrease of 24%. Not taking into account discrete tax benefits recognized in the preceding year period, EPS from ongoing operations for the six months ended June 30, 2015 reduced 24% from an adjusted EPS of $2.22 in the preceding year period. EPS for the six months ended June 30, 2015 comprises restructuring costs of $0.12.
Dover Corporation manufactures and sells a range of equipment and components, specialty systems, and support services in the United States. The company operates in four segments: Energy, Engineered Systems, Fluids, and Refrigeration & Food Equipment.
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