XEROX CORP. (XRX) 87 5/16 CLOSED. Office equipment and copier concern came in with better-than-than expected results which could help the stock this morning, although with the stock market troubles experienced in overseas markets last night, the U.S. markets could have tough sledding ahead today. Nonetheless, Xerox reported that in the 3Q it earned $0.88 a share on a fully diluted basis, a penny ahead of the First Call estimate and 29% ahead of year-ago net of $0.68 a share. Income from continuing operations equalled $0.92 a share, 30% better than year-ago income from operations of $0.71 a share. Revenues for the quarter rose 5% to $4.38 billion from $4.16 billion as revenues from digital products increased 26% during the period. Total revenues increased by 9%, excluding the effects of the dollar. Digital products revenues increased as a percentage of total revenues to 35% in the period as sales of its color copier continued to grow as increased demand for the company's 180-page-per-minute DocuTech Production Publisher made these results look much better. Xerox continues to focus on double-digit earnings growth, which it feels that it will be able to maintain over the near-term, despite the negative impact the dollar is likely to have through the remainder of the year. After shedding operating units that were not part of its core product offerings, the company seems well positioned to continue to take advantage of the growth opportunities in the digital products markets.
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