Xerox Corp reported quarterly results that surpassed expectations, revealing that its last year cost-cutting efforts backed to yield robust fourth-quarter profits.

In addition, it also augured a profit for this year above Wall Street estimates.

The provider of office document management services delivered an optimistic outlook, sending its shares up 3 percent.

Xerox reports its fourth-quarter net income rose to $180 million, or 20 cents a share, from $1 million, or nil per share a year ago.

Despite its falling revenue for the quarter as businesses continued to scrimp on new equipment and supplies, the printer and copier maker claimed it earned $180 million, or 20 cents per share, compared to its $1 million earnings previous year.

Xerox, which cited its pending takeover of Affiliated Computer Services Inc. was on track, is quite optimistic about the future and hopes to continue cutting costs, and will take a related $250 million charge in the current quarter.

Xerox registered its sales were down 3% to $4.2 billion.