P.M. BRIEFING : Xerox Earnings Decline 27%

Xerox Corp. today reported a 27% drop in second-quarter earnings, blaming declines in its insurance business.

For the second quarter, after-tax profit totaled $130 million, or $1.16 per share, compared with $179 million, or $1.67 per share, a year earlier.

Revenue edged up 2.3%, to $4.5 billion from $4.4 billion a year earlier.

Second-quarter revenue from insurance and other financial services was $1.2 billion, down 4% from $1.3 billion a year ago.

Income from document processing, the company’s core business, was $128 million in the second quarter, a 5% increase from the 1989 level of $123 million. Revenue increased 6%, to $3.3 billion from $3.1 billion in the second quarter of 1989.