Xerox Corp. reported fourth-quarter profits surged Tuesday, saying strong sales of new products and cost cutting helped the copier and printer company beat expectations.
Xerox said Tuesday it earned $222 million, or 22 cents a share for the October-December period compared with $19 million, or 1 cent per share, for the same period a year ago.
The results included 3 cents a share from a reduced litigation reserve. Even without that effect, the results beat the consensus estimate of 15 cents per share of analysts surveyed by Thomson First Call.
Revenue in the fourth quarter was $4.3 billion, up 1 percent from the fourth quarter of 2002.
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