Xerox Corp flipped to a profit in the first quarter, but revenue fell 18 percent in the first quarter as slumping customer demand took its toll on sales of printing equipment and supplies.

Xerox, the leading provider of digital printers and document management services, posted net income of $42 million, 5 cents a share, compared with a loss of $244 million, or 27 cents a share. The year-earlier period included a $491 million charged related to a securities settlement.

The Stamford, Connecticut, company rebounded from fiscal troubles earlier this decade, spurred by solid profits and improved market share, despite tepid sales growth.

Xerox stock closed on Thursday at $5.74 on the New York Stock Exchange. The shares have climbed about 32 percent since March 20, the day that Xerox warned its results would fall short of company targets.

(Reporting by Franklin Paul; Editing by Derek Caney)