Xerox Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total revenues of $2,734 million compared with $2,946 million for the same period a year ago. Income before income taxes & equity income was $179 million compared with $287 million for the same period a year ago. Income from continuing operations was $184 million or $0.17 per diluted share compared with $261 million or $0.24 per diluted share for the same period a year ago. Income from continuing operations attributable to Xerox was $181 million compared with $256 million for the same period a year ago. Net income from continuing operations available to common was $181 million or $0.17 per diluted share compared with $250 million or $0.24 per diluted share for the same period a year ago. Net cash provided by operating activities was $462 million compared with $370 million for the same period a year ago. Cost of additions to land, buildings and equipment was $28 million compared with $24 million for the same period a year ago. Cost of additions to internal use software was $11 million compared with $13 million for the same period a year ago. Adjusted net income from continuing operations available to common was $260 million or $0.25 per diluted share compared with $285 million or $0.27 per diluted share for the same period a year ago. Fourth quarter 2016 total revenues decreased 7% as compared to fourth quarter 2015, with a 2-percentage point negative impact from currency. CapEx for the quarter was at $39 million.

For the full year, the company reported the company reported total revenues of $10,771 million compared with $11,465 million for the same period a year ago. Income before income taxes & equity income was $568 million compared with $924 million for the same period a year ago. Income from continuing operations was $627 million or $0.58 per diluted share compared with $866 million or $0.77 per diluted share for the same period a year ago. Income from continuing operations attributable to Xerox was $616 million compared with $848 million for the same period a year ago. Net income from continuing operations available to common was $592 million or $0.58 per diluted share compared with $824 million or $0.77 per diluted share for the same period a year ago. Net cash provided by operating activities was $1,018 million compared with $1,078 million for the same period a year ago. Cost of additions to land, buildings and equipment was $93 million compared with $84 million for the same period a year ago. Cost of additions to internal use software was $4 million compared with $64 million for the same period a year ago. Adjusted net income from continuing operations available to common was $921 million or $0.88 per diluted share compared with $978 million or $0.89 per diluted share for the same period a year ago. CapEx for the full year was at $138 million.

The company provided outlook for the first quarter of 2017. For the quarter, the company expects EPS, which historically represented about 20% of full year EPS, will be somewhat lighter given currency pressures and timing of product launch.

For full-year 2017, the company expects GAAP earnings from continuing operations of 44 to 52 cents per share. Adjusted EPS is expected to be 80 to 88 cents per share. The company expects to generate operating cash flow from continuing operations of $700 to $900 million and free cash flow from continuing operations of $525 to $725 million in 2017. The company expects that revenue declines, currency headwinds and a higher tax rate are more than offsetting margin expansion and lower interest expense. The company expects operating margin in a range of 12.5% to 13.5% for the full year, an expansion from the 12.5% reported in 2016, driven by strategic transformation cost savings, offsetting ongoing revenue declines and the negative impact from currency.