Unisys has issued its results for the third quarter and revised its revenue guidance for the full year.
The company’s revenues for the quarter came in at $757.6 million, a 10.1 percent increase over revenues of $688.3 million in Q3 of 2018. Much of this was on the back of growth in its US federal sector business, which saw a year-over-year revenue increase of 53.6 percent.
As for overall results, Unisys saw a net loss of $13.2 million for the third quarter of this year, compared to a net income of $6.1 million a year ago. The company attributes this change largely to a $20.2 million charge pertaining to a convertible note transaction. Operating profit came in at $70.9 million, compared to an operating profit of $55.8 million in Q3 of 2018.
In its update, Unisys highlighted multiple key contract signings from the latest quarter, including agreements with Bancolombia, Malaysia Airlines cargo division MAB Kargo Sdn Bhd (MASkargo), and Australia’s Queensland Department of Transport and Main Roads. In the US federal sector, the company was selected by the US Defense Information Systems Agency (DISA) to deliver its InteliServe platform to the 4th Estate Global Service Center, a contract valued at up to $214 million.
“We are pleased to see continued revenue growth and margin expansion for the company overall this quarter,” commented CEO Peter A. Altabef. “Our U.S. Federal business saw strong revenue growth, and our Enterprise Solutions business helped drive our profitability expansion year over year.”
In keeping with this growth, Unisys has revised its non-GAAP adjusted revenue guidance for the full year from a two to five percent range to a range of three to seven percent, year over year.
The update arrives just a few weeks after Unisys’s announcement of a new contract with the US Department of Health and Human Services involving the provision of anti-fraud solutions including facial recognition technology.