Xerox Reports Second-Quarter 2011 Earnings
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Second-quarter gross margin was 33.4 percent, and selling, administrative and general expenses were 19.9 percent of revenue. Operating margin of 10.4 percent was up 0.3 points from the second-quarter 2010.
Xerox generated $347 million in operating cash flow during the second quarter. For the full year, the company lowered guidance to $2 billion to $2.3 billion in operating cash flow. Xerox reiterated its plan to use $1 billion in available cash for modestly-sized acquisitions and share repurchase. The company expects to resume its stock buyback program in the third quarter and plans to repurchase approximately $700 million of stock through the second half of this year.
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