Unisys Corporation narrows loss in first quarter

Information technology company Unisys posted its first quarter financial results on Tuesday, reporting an operating profit margin of -0.4%, up 370 basis points year-on-year.

The New York and London-listed form said its non-GAAP operating profit margin was 6%, up 340 basis points year-on-year, while revenue was roughly flat at $665m, against $667m in the prior-year period.

Net losses attributable to Unisys Corporation common shareholders was $33m, relative to $40m in the prior-year period, and adjusted EBITDA was $84m, an increase of 41%.

The company’s adjusted EBITDA margin was 13%, an increase of 370 basis points.

Diluted losses per share narrowed to 65 cents, against 80 cents in the prior-year period, with non-GAAP diluted earnings per share of 30 cents versus 11 cents a year ago.

Unisys reaffirmed its full-year guidance for revenue of between $2.65bn and $2.75bn, a non-GAAP operating profit margin of between 7.25% and 8.25%, and adjusted free cash flow of $130m to $170m.

“Our first-quarter results indicate continued progress executing against our strategic and financial goals, including margin expansion and improvement of revenue trends via our vertical go-to-market strategy," said president and CEO Peter Altabef.

“We intend to continue our disciplined financial focus over the remainder of the year but are pleased with our strong start in the first quarter.

“We are also pleased to have enhanced our liquidity position by recently raising $440 million in a senior secured notes offering.”