Xerox Reports Second-Quarter 2011 Earnings

Second-quarter revenue of $5.6 billion was up 2 percent or down 1 percent in constant currency. Revenue from technology, representing the sale of document systems, supplies, technical service and financing of products, was flat or down 4 percent in constant currency. This was primarily due to supply constraints resulting from the natural disaster in Japan. The company noted that the impact on costs and revenue from the supply chain-related challenges were expected in the second quarter and that the situation is improving. "We're seeing steady progress and making all the necessary investments to respond to customers' needs," said Burns. "As a result, we are on track to reduce backlog while meeting new demand in the third quarter, and we remain confident we'll return to normal operations in the fourth quarter."