With operations in more than 180 countries, Xerox Corporation (XRX – Free Report) is a leader in the development, manufacture, marketing, servicing and financing of document equipment globally. Headquartered in Norwalk, CT, this century-old firm has helped organizations transform the way they manage their business processes and information.

XRX has beaten earnings estimates once in the last four quarters, making for an average positive surprise of 3.91%. However, quite like its peers in the document industry, XRX is increasingly grappling with decreased demand for paper-related systems and products. With rising competition gradually weighing on margins, investors have been eagerly waiting for the company’s latest earnings report.

Currently, XRX has a Zacks Rank #3 (Hold), but that could definitely change following first-quarter 2017 earnings report which was just released.

We have highlighted some of the key stats from this just-revealed announcement below:

Earnings: XRX missed earnings. The company reported adjusted EPS of 15 cents per share, which missed the Zacks Consensus Estimate by a penny.

Xerox Corporation Price and EPS Surprise

Xerox Corporation Price and EPS Surprise | Xerox Corporation Quote

Revenues: Revenues missed. XRX posted revenues of $2,454 million, which missed the Zacks Consensus Estimate of $2,494 million.

Key Stats to Note: Xerox reiterated its full-year 2017 guidance and continues to expect GAAP earnings in the range 44 -52 cents per share and adjusted EPS in the range 80-88 cents.The company continues to expect cash flow to be around $700 – $900 million, while free cash flow is likely to be in the range $525 – $725 million in 2017.

Stock Price: Shares prices fell in pre-market trading following the earnings release at the time of writing as investors probably expected a healthy earnings beat.