Xerox Corp.’s stock rose 1.5% in premarket trade Thursday, after the copy machine and other office products maker beat profit and revenue expectations, and raised its earnings outlook. Net income fell to $179 million, or 68 cents a share, from $183 million, or 69 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 89 cents, above the FactSet consensus of 83 cents. Revenue fell 5% to $2.50 billion from $2.63 billion, but beat the FactSet consensus of $2.49 billion, as services, maintenance and rentals revenue declined 3.1% to $1.44 billion. The company raised its 2017 adjusted EPS guidance range to $3.28 to $3.44 from $3.20 to $3.44, compared with the FactSet consensus of $3.36. The stock has soared 44% year to date through Wednesday, while the S&P 500 has gained 14% and the Dow Jones Industrial Average has climbed 18%.
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