First Quarter 2018 Highlights
Strong start to operating cash flow, at $216 million in the quarter
Continued revenue growth in managed document services and Global Imaging Systems operations
Adjusted operating margin of 10.4 percent, down 0.6 points year-over-year; operating margin, excluding equity income, up 0.5 points
Core operating profit, excluding equity income, grew 5 percent year-over-year
more detail at: https://www.news.xerox.com/internal_redirect/cms.ipressroom.com.s3.amazonaws.com/84/files/20184/New-Release-May-2-2018-Xerox-Reports-First-Quarter-2018-Results.pdf
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FY24 first quarter service performance scores covering October 1 through October 27, included: *First-Class Mail: 88.1 percent of First-Class Mail delivered on time against the USPS service standard, a decrease of 2.9 percentage points from the fiscal fourth quarter. *Marketing Mail: 94.5 percent of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter. *Periodicals: 85.6 percent of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter.
Magazine publisher Dotdash Meredith has temporarily stopped sending print editions of People and Better Homes & Gardens to some subscribers, citing a tight paper market. The New York-based company, which maintains an office campus in downtown Des Moines' Western Gateway, sent postcards to some readers this week, telling them they would not receive print editions of the magazines in the coming months. The company has offered those readers free subscriptions to digital editions of the magazines. A company spokesperson said in an email Friday that Dotdash Meredith stopped some distribution to "a limited number" of People and Better Homes & Gardens subscribers because of a "temporary global paper shortage." The subscribers involved represent about 7% of the company's total print subscriber base, the spokesperson said. The spokesperson did not answer a question from the Des Moines Register about whether the impact is concentrated in certain parts of the country.
During the first quarter of 2018, we adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). As a result of the new accounting standard, income relating to our credit card program and gift card breakage that previously offset selling, general and administrative (“SG&A”) expenses has been recorded in other revenue in the Condensed Consolidated Statements of Income for all periods presented. The increase in other revenue for the first quarter of 2018 is the result of higher penetration from our growing credit card program. Gross profit for the first quarter of 2018 was $96.1 million or 29.4 percent of sales compared to $95.6 million or 28.3 percent of sales in 2017. Click Read More below for additional information.