UPDATE 1-Xerox profit beats estimates on restructuring
July 25 (Reuters) - Xerox Corp reported better-than-expected second-quarter earnings on Thursday and reiterated its full year targets as it continued restructuring. Net income from continuing operations attributable to Xerox was $345 million or 27 cents per share, compared with 26 cents last year. The average analyst estimate was 24 cents per share, according to Thomson Reuters I/B/E/S. Revenue was up 1 percent at $5.4 billion, excluding discontinued operations. Xerox recently sold its North American paper business to Canada's Domtar Corporation and has agreed to sell its European paper business to UK and Ireland paper distributor Antalis. With the second quarter of this year Xerox is reporting results from these businesses as discontinued operations, it said. Those deals resulted in a net pre-tax loss of $23 million primarily due to severance costs, Xerox said. It held $39 million of severance costs related to staff cuts of around 1,300 employees primarily in North America and as a result of the asset sale in Europe expects to cut some 300 jobs in that region. For third-quarter, Xerox expects adjusted EPS of 24 to 26 cents per share. Xerox reiterated full-year 2013 adjusted earnings per share in the range $1.09 to $1.15 and $2.1 billion to $2.4 billion in full-year operating cash flow.