slumped 15% Friday after the tech services provider warned of a second-quarter earnings shortfall.
The Blue Bell, Pa., company projected second-quarter pro forma earnings, excluding pension accounting, of 10 to 11 cents a share on revenue of $1.38 billion. That's well short of the company's previous guidance, which called for earnings of 14 to 17 cents a share on revenue around $1.5 billion.
Using generally accepted accounting principles, Unisys expects to earn 5 to 6 cents a share for the quarter, down from 16 cents a year earlier and well short of the 12-cent Wall Street analyst consensus.
The company cited "unexpected deferrals of certain enterprise server contracts and deferrals and delays on service projects late in the quarter" for the shortfall. Unisys said it "experienced the weakness primarily in the United States and in Latin America," and that it expects to report continued growth in consulting and systems integration.
Unisys fell $2 Friday to $10.86.