Xerox (NYSE: XRX) reported earnings on April 23. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended March 31 (Q1), Xerox missed estimates on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue shrank slightly. Non-GAAP earnings per share expanded significantly. GAAP earnings per share expanded significantly.

Gross margins contracted, operating margins contracted, net margins expanded.

Revenue details
Xerox notched revenue of $5.36 billion. The eight analysts polled by S&P Capital IQ expected to see net sales of $5.49 billion on the same basis. GAAP reported sales were the same as the prior-year quarter's.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
EPS came in at $0.27. The 10 earnings estimates compiled by S&P Capital IQ predicted $0.24 per share. Non-GAAP EPS of $0.27 for Q1 were 17% higher than the prior-year quarter's $0.23 per share. GAAP EPS of $0.23 for Q1 were 21% higher than the prior-year quarter's $0.19 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 30.8%, 20 basis points worse than the prior-year quarter. Operating margin was 6.4%, 60 basis points worse than the prior-year quarter. Net margin was 5.5%, 60 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
Next quarter's average estimate for revenue is $5.52 billion. On the bottom line, the average EPS estimate is $0.25.

Next year's average estimate for revenue is $22.39 billion. The average EPS estimate is $1.11.

Investor sentiment
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 586 members out of 660 rating the stock outperform, and 74 members rating it underperform. Among 167 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 152 give Xerox a green thumbs-up, and 15 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Xerox is outperform, with an average price target of $8.08.

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