Xerox : Exceeds Q4 EPS Guidance, Delivers Strong Cash Flow and Operating Margin; Announces 2020 guidance consistent with three-year plan, including further EPS expansion and revenue trend improvement

Full-Year Financial Highlights:

* GAAP earnings per share (EPS) from continuing operations of $2.78, up $1.62 year-over-year (YOY); adjusted EPS from continuing operations of $3.55, up $0.67 YOY.

* Adjusted operating margin of 13.1 percent, up 180 basis points YOY.

* $1.24 billion of operating cash flow from continuing operations, up $162 million YOY; $1.18 billion of free cash flow, up $187 million YOY.

* $9.07 billion of revenue, a decrease of 6.2 percent in actual currency YOY or 4.7 percent in constant currency YOY.

* Achieved gross savings of $640 million under Project Own It, Xerox's enterprise-wide initiative to simplify operations, drive continuous improvement and free up capital to reinvest in the business.

* Returned 72 percent of free cash flow to shareholders.

Xerox Holdings Corporation (NYSE: XRX) announced its fourth-quarter and full-year 2019 financial results and 2020 guidance.

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