Xerox 4Q profit rises 79 percent, company adds $1 billion to stock buyback

NORWALK, Conn.-- Office equipment maker Xerox Corp. on Thursday said its profit rose 79 percent in the fourth quarter on a mix of cost controls and growth in equipment financing and services, though its outlook for the first quarter was partly below Wall Street expectations.

The company posted net income of $382 million, or 41 cents per share, compared to a year-earlier profit of $214 million, or 22 cents per share. Revenue rose to $4.88 billion from $4.38 billion a year earlier.

Analysts polled by Thomson Financial on average expected earnings of 41 cents per share on revenue of $4.83 billion.

For the first quarter Xerox forecast earnings per share of 25 cents to 28 cents. Analysts expected earnings per share of 28 cents.

Xerox also said its board approved an additional $1 billion for its stock buyback plan, on top of the $370 million remaining under the existing plan.