Unisys' 2Q Results: Postgame Scorecard
Unisys (NYSE:UIS) swung to a profit in the second quarter.
Earnings and Revenue The company experienced stronger-than-expected EPS and revenues. The company reported EPS of 99 cents a share versus the 48 cents a share estimate and revenues of $921.3 million versus the $912.4 million estimate.
The company's profit for the quarter was $50.7 million. Revenue fell 1.7% from $937.2 million in the same period last year.
Company Fundamental Trends For the past five quarters, The company has averaged revenue decreases of 2.1% year over year.
History Against Expectations The company has now topped analyst estimates for at least the last four quarters. It beat by 25 cents in the first quarter, 58 cents in the fourth quarter of the last fiscal year and 93 cents in the third quarter of the last fiscal year.
Official Comment: "We made continued progress on our strategic and financial goals in the second quarter," said Unisys Chairman and CEO Ed Coleman. "We significantly increased our profitability and grew revenue on a constant currency basis for the third quarter out of the past four. Our technology business had a particularly good quarter, led by strong ClearPath sales. In services, we grew our IT outsourcing business as we added new clients such as the American Red Cross. We also achieved a second-quarter services operating profit margin of eight percent, within our targeted eight to 10 percent range. We continue work to strengthen our balance sheet, announcing actions today to retire an additional $84.5 million of debt. When these actions are completed, we will have hit our year-end 2013 debt reduction target and will have reduced our debt, including borrowings under our former accounts receivable facility, by about $1 billion since the end of 2008."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.