Updated from 1:50 p.m. EDT Unisys ( UIS), which warned of disappointing third-quarter results last week, said Tuesday that it swung to a loss on a 4% drop in revenue. The company also announced plans to lay off 10% of its work force, but indicated fourth-quarter earnings could come in higher than current expectations.Shares of Unisys recently increased 15 cents, or 2.5%, to $6.05. The Blue Bell, Penn.-based IT services firm lost $54.3 million, or 16 cents a share, on sales of $1.39 billion in the third quarter. That was down from a net income of $25.2 million, or 7 cents a share, on $1.45 billion in sales in the year-ago quarter. Analysts, who lowered their ratings after the company's
Looking forward, the company said it expects a profitable fourth quarter, with earnings ranging from 10 cents to 15 cents a share excluding restructuring charges, driven by higher sales of enterprise servers in its technology business. However, the company acknowledged that fourth-quarter results will be heavily dependent on its ability to close a number of very large technology deals. Analysts were expecting earnings of 7 cents a share in the quarter.