Xerox Corp (NYSE:XRX) shares gained in premarket trade on Thursday after the company posted market busting third quarter results and upped its earnings guidance.
The copy machine and other office products maker said in a statement that its net income fell to US$179mln or 68 US cents a share, from US$183mln, or 69 US cents a share, a year ago.
READ: Xerox reports rise in second quarter profit
Excluding non-recurring items, adjusted earnings per share came to 89 US cents, comfortably above market consensus for 83 US cents.
Although revenue dropped by 5% to US$2.50bn, from US$2.63bn the year before, it was still above Wall Street’s expectations for US$2.49bn.
During the period, services, maintenance and rentals revenue fell by 3.1% to US$1.44bn.
2017 outlook upped
The company also upped its 2017 adjusted EPS guidance range to US$3.28 to US$3.44 from US$3.20 to US$3.44, against market consensus for US$3.36.
In premarket trade, its shares gained 1.24% at US$33.51, while in regular trade, the group lost 7.4% to US$30.65 each.