29 Oct 2009
IT hardware and services vendor Unisys has reported a third-quarter profit of $61.1m (£37.1m), which it attributes to its turnaround programme, adding that a more cost-effective services business and a strong profit performance in its technology business also helped.
The profit compared with a loss of $34.7m on third-quarter 2008 and surpassed market expectations.
Gross profit margin in the quarter improved to 26.4 per cent from 22.2 per cent in the same period last year, while revenue fell to $1.16bn from $1.31bn.
According to the supplier's chairman and chief executive, Ed Coleman, Unisys is "making good progress" in its turnaround programme. He added: "I am pleased by the improvement we are seeing, particularly given the difficult economic environment this year," said Coleman.
Shares climbed $4.13 to close at $28.20 on Wall Street yesterday, following the results announcement. Unisys did not give any financial guidance for the fourth quarter.
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