Unisys Beats on Q4 Results

Unisys Corporation (NYSE:UIS) reported stronger-than-expected results for its fourth quarter on Tuesday.

The company, based in Blue Bell, Pa., reported revenue grew 3% year over year as reported and on a constant-currency basis to $2.83 billion, marking the first full year of revenue growth since 2003. Non-GAAP adjusted revenue was up 80 basis points year over year to $2.76 billion.

Operating profit margin expanded 660 basis points year over year to 10.1%. Non-GAAP operating profit margin expanded 20 basis points year over year to 8.9%.

Net income for 2018 was $75.5 million, versus a net loss of $65.3 million in 2017. Diluted earnings per share was $1.30, versus a diluted loss per share of $1.30 in 2017.

Non-GAAP diluted earnings per share was $1.95 versus $2.49 in the prior year. 2017 included tax benefits of $50.4 million, or $0.69 per diluted share, driven by unusually high tax credits, principally related to the enactment of the Tax Cut and Jobs Act.

Adjusted EBITDA for 2018 increased 4.3% to $422.5 million, and Adjusted EBITDA margin expanded to 15.3%, up 50 basis points year over year.

According to CEO Peter Altibef, "We are pleased to have grown revenue for the full year 2018 for the first time since 2003. Our results were driven by our strategy of a focused industry go-to-market approach and using security to differentiate our offerings.

"Our expertise in cloud migration and infrastructure modernization and managed digital workplace services -- which contributed to our growth in 2018 -- is aligned with ongoing market demand for these services."

Shares rocketed $2.42, or 19.2%, to $15.03