Rough Q1 for Xerox!

[jwheeler]

Xerox just released their Q1 financials summary. ¡No bueno!

Q1 2024

• Revenue of $1.50 billion, down 12.4 percent, or 13.2 percent in constant currency.
• GAAP net loss of $(113) million, or $(0.94) per share, a decrease of $184 million or $1.37 per share, year-over-year, respectively. This quarter includes after-tax Project Reinvention related charges of $100 million, or $0.80 per share.
• Adjusted net income of $11 million, or $0.06 per share, declined by $71 million or $0.43 per share, year-over-year, respectively.
• Adjusted operating margin of 2.2 percent, 470 basis points lower year-over-year.
• Operating cash flow of $(79) million, lower by $157 million year-over-year.
• Free cash flow of $(89) million, lower by $159 million year-over-year.

 

[PricelineNegotiator]

With the install numbers so low, it's easy to predict that their future revenues from those potential installs are also going to be affected.

I was thinking earlier today about how reliable my V180 has been. We had the drum debacle of course, but the drums I'm getting now last so long that it barely ever enters my mind that the drums can still fail. Xerox has done an amazing job solving that problem, as even before the drum debacle, the drums didn't last quite as long as they do now. It seems like there are at least pockets of competence at Xerox. Apart from the 2nd BTR needing to be replaced rather often, the machine is incredibly reliable and my service has been great.

I hope Xerox figures things out and ships a new generation printer, so that they can get the installation game moving again. Signing a five year lease on a new 280 seems a bit dubious.

 

[SoggyWinter]

I just bought an Ebay 4100. Hope I don't have trouble getting parts.

 

[pippip]

Xerox to end iGen and Nuvera production - Printweek

It’s the end of an era for Xerox, which will stop making its iGen5 and Nuvera digital presses over the summer, while a new era beckons with a fresh third-party partnership for high-speed continuous feed inkjet.

www.printweek.com

"In its Q1 results just announced, Xerox noted a $36m (£28.8m) inventory impact related to “the exit of certain Production Print manufacturing operations”.

 

[Craig]

That explains why they didn't want to pick up my 1000i that was end of contract!

 

[TJPrinter]

From the Printweek article . . .

"He added: “Our dedication to the production print market remains unchanged and we expect the rationalisation of our offering to improve our differentiation and distinctiveness in this important market.

And this means what?