Xerox Posts Its Largest Profit Since 1999

Xerox Corp. reported its biggest quarterly profit in more than four years, helped by lower costs and sales of new color copiers and digital printers. But shares of Xerox declined after it said sales of cheaper products had hurt margins.

First-quarter net income was $248 million, or 25 cents a share after preferred-stock dividends, contrasted with a year-earlier net loss of $65 million, or 10 cents.

Sales rose 1.9% to $3.8 billion, the Stamford, Conn.-based company said.

Xerox shares fell $1.23 to $13.18 on the NYSE.