Xerox Expects Loss Because of Low Sales

Xerox Corp., the world’s largest copier company, said it expects a third-quarter loss of 15 cents to 20 cents a share because of lower-than-expected September sales and unfavorable exchange rates. The company was expected to earn 12 cents a share, the average estimate of analysts surveyed by First Call/Thomson Financial. Xerox earned $381 million, or 47 cents, in the year-earlier period. It’s the fourth time in five quarters that Xerox has botched its profit forecast. “These results are obviously disappointing and completely unacceptable,” said Paul Allaire, chairman and chief executive. “Aggressive actions to improve profitability in 2001 are being pursued.” Shares of the Stamford, Conn.-based company fell $2.31 to $13 in after-hours trading. During the regular New York Stock Exchange session, the shares rose 31 cents to $15.31.