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Bond Market News
Xerox’s Bonds Rise after Revenue Tops Estimates Despite Earnings Miss
May 5, 2025
Xerox’s bonds rallied by as much as 2 points after the company reported its Q1 results. Xerox’s revenue for the quarter came-in at $1.46bn, beating analysts’ estimate of $1.44bn. However, its loss per share was reported at $0.6 vs. estimates of a $0.4 loss. It reported an adjusted operating income of $22mn vs. estimates of $30.7mn. The company still sees adjusted operating margin of at least 5% and free cash flow of $350-400mn. Xerox (rated B2/B+) is emerging from a poor prior quarter where its bonds dropped over 20%. In late-December, as part of its plans to strengthen its position in Asian markets and compete better in the evolving print industry, Xerox had agreed to acquire Chinese-owned printer and software maker Lexmark International for $1.5bn.
Xerox’s 8.875% 2029s were up ~2 points to trade at 63.8, yielding 21.8%. The notes have rallied by over 20% since late-April.
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