Shares of Unisys Corp. (NYSE: UIS) , a provider of information technology outsourcing solutions and technology products, are bouncing almost 18% higher Friday as of 11:35 a.m. EST, after the company reported fourth-quarter earnings surpassing analysts' estimates.
During the fourth quarter, Unisys generated $747 million in revenue, which was a modest 3.5% gain over the prior year's result. Adjusted earnings checked in at $127 million, or $1.75 per share, well ahead of analysts' estimates, per Zacks, of $0.18 per share. There was plenty more for investors to be happy with: Unisys achieved or exceeded its full-year guidance on all guidance metrics and reduced its pension deficit by $390 million to finish the year at $1.78 billion.
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"We had a solid fourth quarter, and signings and backlog entering 2018 are strong. We have begun the new year focused on ongoing execution of our go-to-market strategy and continued financial discipline," said CEO Peter Altabef. More specifically, Unisys' service backlog jumped 10.3% year over year to $4.3 billion, which is its highest level since 2015. This was a solid end 2017, and if Unisys can continue to improve its cost structure, as well as grow its service backlog, it should be able to achieve or exceed its 2018 targets.
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