Xerox Corp., in the midst of a...

Xerox Corp., in the midst of a major restructuring, reported a sharp drop in its first-quarter profit.

The company earned $129 million, or $1.05 a share, in the first quarter, a 32% drop from the $189 million, or $1.77 a share, it earned a year earlier. Revenue rose a modest 1.4% to $3.27 billion from $3.23 billion.

The document processing company’s earnings dropped because it had a $77-million gain last year from an asset management business that was sold. It has been divesting from financial services and focusing on document processing.

The recent quarter was also hurt by $61 million in foreign currency losses (compared with $23 million in losses the year-earlier quarter), from rising inflation and devaluation in Brazil.

Earnings from the core document processing business rose 5% to $131 million.