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Unisys reports 3Q financial results

The Blue Bell company's shares pop in after-hours trading.

Unisys' headquarters in Blue Bell, Pa.
Unisys' headquarters in Blue Bell, Pa.Read

Blue Bell-based Unisys Corp. (NYSE: UIS) on Tuesday reported third-quarter 2019 financial results, including third-quarter 2019 revenues that grew 10% year over year to $757.6 million, compared with $688.3 million in the prior-year third quarter.

The company’s revenue grew 9.6% to $750.8 million, the sixth consecutive quarter of year-over-year adjusted revenue growth. Its U.S. federal contract sector revenue grew 53.6% year over year, the highest quarterly rate in over 15 years, the company said.

The services and technology contractor said its net loss for the third quarter 2019 was $13.2 million vs, net income of $6.1 million in the prior-year period. The current period includes a $20.2 million charge related to a convertible note transaction, which amounted to an impact of $0.35 per share.

After the charge, Unisys’ loss per share was $0.23 for the quarter, compared with earnings per share of $0.12 in the prior-year third quarter period.

"We are pleased to see continued revenue growth and margin expansion for the company overall this quarter, " Unisys chairman and CEO Peter Altabef said in the release. “Our U.S. federal business saw strong revenue growth, and our Enterprise Solutions business helped drive our profitability expansion year over year.”

Following earnings, the share price in after-hours trading was up nearly 9% to $9.25.