Demand boosts Xerox profit 79%
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From Times Wire Services
Xerox Corp. posted a greater-than-expected 79% profit jump on increased demand for equipment and supplies.
Fourth-quarter net income climbed to $382 million, or 41 cents a share, from $214 million, or 22 cents, a year earlier, the Norwalk, Conn., company said. Sales increased 11% to $4.88 billion, and the company extended its share buyback program by $1 billion.
Xerox shares rose $1.08 to $14.33, the most since Oct. 21, 2005.
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