Xerox Corp. (NYSE: XRX) reported second-quarter 2014 results before markets opened Friday. The business technology firm posted adjusted diluted earnings per share (EPS) of $0.27 on revenues of $5.29 billion. In the same period a year ago, the company reported EPS of $0.27 on revenues of $5.39 billion. Second-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.26 and $5.31 billion in revenues.

On a GAAP basis, Xerox reported EPS of $0.22, which includes a $0.05 per share charge for amortization of intangible assets.

For the third quarter, Xerox guided adjusted EPS in a range of $0.25 to $0.27, compared with a consensus estimate of $0.26. For the full year the company is forecasting EPS of $1.09 to $1.13, compared with the consensus estimate of $1.10.

The company’s CEO said:

The second quarter demonstrates progress in executing on our strategy. In our Services business, revenue growth and margin are trending well in commercial services, document outsourcing and internationally. … As we enter the second half of the year, we are focused on improving on our progress and capitalizing on opportunities that will shape the success of our business.

For all intents and purposes, Xerox has stagnated. When the company reported Q3 2013 earnings last October, EPS and revenue were virtually identical to the second quarter of 2013 and the second quarter of 2014 is virtually identical to the year-ago quarter (although $100 million lighter in revenue). The share price hit a new 52-week high this past Tuesday.

For the full 2013 fiscal year EPS came in at $1.09, which is a penny below the expectation for both 2014. The consensus for 2015 calls for EPS of $1.19, for a forward price/earnings ratio of just under 11. The company’s trailing P/E ratio is 14.11, so there might be more share price growth coming. But the stock price has risen more than 30% in the past 12 months for no apparent reason, so there’s little reason to think that that merry-go-round will stop any time soon.

Xerox shares were down 1.3% in premarket trading Friday, at $12.67 in a 52-week range of $9.55 to $13.18. Thomson Reuters had a consensus analyst price target of around $13.10 before the report.

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