Xerox sees 2009 profit on par with street views

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NEW YORK (Reuters) - Xerox Corp forecast 2009 profits generally in line with analyst expectations, saying that its steady stream of repeat customers and a recent round of cost cuts will help it weather the economic downturn.

Shares of XEROX (XRX.NY)jumped 8.38 percent in early trading to $5.69 on Monday, but remain about 65 percent below their year-earlier levels.

The world's top supplier of digital printer and document management services, which last month said it plans to pare about 3,000 jobs, or about 5 percent of its work force, expects a profit of $1 a share to $1.25 a share in 2009.

Analysts on average expect the company to post a profit of $1.20 a share, according to Reuters Estimates.

Restructuring will help deliver $200 million in savings next year for Xerox, which earns about 85 percent of its cash flow from supplies and services sold to repeat customers.

"Despite the current economy, the backlog of orders for our products and a 14 percent increase this year in signings for document services...give us confidence in the overall health of our business and our ability to navigate through these challenging times," Xerox Chief Executive Anne Mulcahy said in a statement ahead of its analyst day on Monday.

Several printing industry players have cut costs as the global economic downturn spurred their customers to rethink orders or delay purchasing higher-end technology. Xerox rival Canon Inc <7751.T>, said last week it would delay the construction of a $1 billion toner cartridge components plant in Japan by six months.

(Reporting by Franklin Paul; Editing by Derek Caney)

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