Office equipment maker Xerox today posted slightly lower quarterly profit but said improving equipment sales helped the results top most expectations.
The Connecticut-based company said net income was $86 million, or 9 cents a share, down from $87 million, or 11 cents per share, a year earlier.
Earnings after payment of preferred dividends were 75 million.
The earnings include a charge of five cents a share for fees related to a terminated credit facility. Before the charge, profit was 14 cents a share, Xerox said.
On this basis, analysts on average had expected 13 cents a share, according to Reuters Research, a unit of Reuters Group.
Revenue fell to $3.92 billion from $3.95 billion a year earlier despite a boost from currency translation. Xerox attributed the drop to slower sales of post-sales products such as services and supplies, and "moderating declines" in its developing markets business.
Equipment sales grew 8 per cent, boosted by sales of colour printers. Xerox shares closed on Friday at $10.73 on the New York Stock Exchange.