Xerox reports first-quarter earnings

Xerox, which employs roughly 5,000 people in Kentucky, announced first-quarter earnings Monday that showed a rise in revenue but a decline in profit.

The company's revenue grew 1 percent to $5.5 billion. The growth was driven by its services business, which saw sales jump 10 percent. That division includes the outsourcing operations that were previously called ACS before it was renamed Xerox earlier this year.

"Services now represents more than half of our total revenue and will continue to be the growth engine of our company as we expand our (business process outsourcing) offerings and strengthen our leadership in managed print services," Xerox chief executive Ursula Burns said in a statement.

For the quarter, the company earned $269 million, or 19 cents a share, compared to $281 million, or 19 cents a share a year ago. Earnings per share are the same because the company has fewer shares outstanding compared with a year ago.