Unisys Corp. (UIS) Misses Q1 GAAP EPS by 10c, Revenues Miss; Withdraws FY20 Guidance

Unisys Corp. (NYSE: UIS) reported Q1 GAAP EPS of ($0.85), $0.10 worse than the analyst estimate of ($0.75). Revenue for the quarter came in at $515.4 million versus the consensus estimate of $575.7 million.

• Closed sale of U.S. Federal business on March 13, 2020; $1.2 billion of proceeds
  • Net Leverage(10) reduced from 4.3x as of December 31, 2019 to 2.7x as of March 31, 2020
• Technology revenue growth of 11.2% year over year, ahead of internal expectations
• Operating profit margin of 3.9%, relative to 4.5% in prior-year period, due to restructuring charges
  • Non-GAAP operating profit(3) margin up 70 basis points year over year to 5.5%, relative to 4.8% in prior-year period
• Loss per share from continuing operations of $0.85 versus $0.64 in prior-year period, due to higher cost-reduction and other charges in 1Q20
  • Non-GAAP diluted earnings per share(7) from continuing operations of $0.01 versus a loss of $0.11 in prior-year period
• Company withdraws guidance in light of the current COVID-19 pandemic

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

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