Xerox more than doubled its fourth-quarter net income as the Norwalk imaging and data technology company put some restructuring behind it and benefited from a freeze on a number of its pension plans, The Associated Press reports.
Earnings reached $375 million, or 26 cents per share, in the October-to-December period. That's up from net income of $171 million, or 12 cents per share, in the same period a year earlier.
Excluding special items, Xerox earned 33 cents per share, matching the average forecast of analysts polled by FactSet.
In December, Xerox announced an expanded freeze of defined-benefit pension plans, amending them to end benefit accruals at the end of this year. That boosted the fourth-quarter result by $66 million after taxes.
In the fourth quarter of 2010, Xerox cut about 6,000 positions and paid the associated severance benefits. In the latest quarter, it laid off 1,000 workers, mainly in North America. It ended the year with 139,650 employees, up 3,100 from the previous year, mainly due to acquisitions.
Revenue was essentially flat at $5.96 billion. That was slightly short of the average analyst forecast at $6.07 billion.