Unisys

(UIS) - Get Report

beat earnings expectations by a penny but recorded a revenue shortfall of 4.9%, driving shares of the company down 4.5%.

In post-market trading Tuesday, shares of the provider of business-related computer systems were down 1 3/8 to 29 3/8.

For the fourth quarter ended Dec. 31, earnings rose to $144.4 million, or 46 cents a diluted share, from $135.7 million, or 40 cents a share, a year earlier. The consensus estimate of analysts polled by

First Call/Thomson Financial

was 45 cents a share.

Revenue fell to $1.96 billion from $2.06 billion a year ago.

"We were impacted at the top line by Y2K customer spending lockdowns and by a more-than-5-percentage-point negative impact of foreign currency translation in the quarter," said Lawrence Weinbach, chairman and CEO of Unisys.

For fiscal 1999, net income rose to $510.7 million from $376.4 million a year earlier. After paying out preferred dividends, diluted earnings per share rose to $1.59 from $1.01 a year earlier.

Revenue in the U.S. was flat in the fourth quarter compared to a year ago, while revenue from international markets declined.

The company, based in Blue Bell, Pa., also projects 8% to 10% revenue growth in 2000, with relatively flat revenue in the first quarter building to double-digit growth in the second half. "We remain focused on our goal to grow earnings per share at twice the rate of revenue growth in 2000," Weinbach added.