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UPDATE 1-Unisys posts lower Q3 results, shares dive
October 26, 2010 / 2:46 PM / 7 years ago

UPDATE 1-Unisys posts lower Q3 results, shares dive

* Q3 EPS $0.65 vs $1.48 yr-ago

* Q3 rev falls 13 pct

* Shares drop 23 percent

Oct 26 (Reuters) - IT services provider Unisys Corp (UIS.N) reported lower quarterly results as technology and project-based services revenue declined, sending its shares down 23 percent.

A fall in sales of its ClearPath enterprise servers in the quarter hurt gross profit margins, which dropped to 24.7 percent, from 26.9 percent a year ago.

Net income for the July-September quarter fell to $28.3 million, or 65 cents per share, compared with $61.1 million, or $1.48 per share, in the year-ago quarter. Net income from continuing operations was 50 cents a share.

Revenue fell 13 percent to $961 million. Technology revenue declined 31 percent to $105.4 million.

Unisys shares touched a low of $24.06 in morning trade on the New York Stock Exchange, but pared some losses and were trading at $24.24.

Ahead of Tuesday’s losses, the stock had gained 31 percent in the last three months, compared with a 10 percent rise in the Dow Jones U.S. Software & Computer Services index .DJUSSV over the same period. (Reporting by Siddharth Cavale, S. John Tilak in Bangalore; Editing by Unnikrishnan Nair)

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