Xerox sees profits soar by 79%

OFFICE equipment maker Xerox yesterday said its profit rose 79% in the fourth quarter on a mix of cost controls and growth in equipment financing and services.

Xerox also said its board approved an additional $1 billion (€677m) for its stock buyback plan, on top of the $370m remaining under the existing plan.

Its shares climbed $1.08, or 8.2%, to $14.33 yesterday.

The firm employs about 1,700 people in Ireland, mainly at its European shared services centre in Dublin.

The company posted net income of $382m, or 41 cents per share, compared to a year-earlier profit of $214m, or 22c per share. Revenue rose to $4.88bn from $4.38bn a year earlier.

Analysts polled by Thomson Financial on average expected earnings of 41 cents per share on revenue of $4.83 billion.