Unisys posts 1Q profit after year-ago loss
Unisys Corp. shares jumped in Tuesday after-hours trading after the information technology service provider posted a first-quarter profit as revenue grew despite a drop in its business with the federal government.
The company earned $13.4 million, or 30 cents per share, for the quarter that ended March 31. During the same period last year it lost $40.8 million, or 95 cents per share.
If not for special charges for paying off debt and pension expenses, its adjusted profit would have been 97 cents per share, compared with a year-ago loss of 4 cents per share.
Revenue rose 1.9 percent to $928.4 million, from $911.2 million a year ago. Analysts surveyed by FactSet expected revenue of $886.2 million.
Unisys said U.S. revenue growth aside from what it gets from the federal government was strong.
Services revenue rose 3 percent to $823 million. Technology revenue fell 5 percent to $105.4 million.
Its backlog for services shrank by 6 percent to $5.4 billion, compared to a year ago.
Unisys shares fell 8 cents to close at $16.40. They climbed by $2.02, or 12.3 percent, to $18.42 in after-hours trading.