UPDATE: Unisys Corp. (UIS) Misses Q1 EPS by 14c, Revenues Beat; Provides FY19 Growth Outlook

Unisys Corp. (NYSE: UIS) reported Q1 EPS of $0.15, $0.14 worse than the analyst estimate of $0.29. Revenue for the quarter came in at $693.8 million versus the consensus estimate of $650.93 million.

• Services revenue grew 7.7% year over year (11.7% on a constant-currency(3) basis); Services non-GAAP adjusted revenue(5) grew 7.3% year over year, the highest quarterly rate since 2003
• Total 1Q19 revenue of $695.8 million versus $708.4 million in prior-year period (reflective of the additional $53 million of revenue recorded upon adoption of ASC 606 in 1Q18), up 2.3% on a constant-currency basis; Total non-GAAP adjusted revenue grew 5.9% year over year, the highest quarterly rate since 2014
• Services backlog(4) was stable year over year at $4.7 billion
• Company raises full-year guidance for non-GAAP adjusted revenue from +1%-+4% year-over-year growth to +2-+5% year-over-year growth and reaffirms guidance for non-GAAP operating profit margin and adjusted EBITDA margin

"We are excited to see top-line momentum continue, with another quarter of non-GAAP adjusted revenue growth, including the highest quarterly growth we have seen in Services since 2003," said Unisys Chairman and CEO Peter A. Altabef. "We are maintaining our client-centric focus and delivering transformative, secure solutions, and we were pleased to see continued traction with our strategy in the first quarter."

For earnings history and earnings-related data on Unisys Corp. (UIS) click here.

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