reported third-quarter earnings and revenue in line with expectations and confirmed guidance within the range of analysts' expectations.
Unisys reported third-quarter earnings of $56.2 million, or 17 cents a share, on revenue of $1.45 billion. Analysts surveyed by Thomson First Call were forecasting earnings of 17 cents a share on revenue of $1.40 billion.
The slight upside beat on revenue was due to favorable exchange rates as the dollar has remained relatively weak. Revenue was up 9% vs. the year-ago period, but earnings were flat, primarily due to a decrease in pension income in its services segment.
The company also confirmed analysts' expectations that full-year earnings would be about 77 cents a share on revenue of $5.8 billion, up about 11% and 3%, respectively, from 2002.
While U.S. and international revenue were up, the company also said that U.S. revenue growth was driven by business with the federal government and that, after backing out exchange rate anomalies, revenue in international markets was flat. The company also said that worldwide order volume showed "double-digit declines" in the quarter.
The stock was off over 2% to $14.36 yesterday ahead of the earnings release. The stock is up 35% for the year.
At $14.36, the stock trades at a price-to-earnings ratio of 16 times 2004 estimated earnings vs. 15 for
, 19 for
and 15 for