Xerox Profit Increases 18% on Cost Cutting

Xerox Corp., the largest U.S. maker of copiers, said third-quarter earnings rose 18% because of cost cutting as sales fell for the 14th straight quarter.

Net income rose to $117 million, or 11 cents a share, from $99 million, or 4 cents, a year earlier, Stamford, Conn.-based Xerox said. Sales fell 2% to $3.73 billion.

Xerox shares fell 53 cents to $11 on the NYSE.