Conduent Incorporated reported its financial results for the third quarter and the nine months ended September 30, 2024, showing significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.
For the third quarter of 2024, Conduent's total revenue was $807 million, a decrease of 13% from $932 million in the same period of 2023. For the nine months ended September 30, 2024, revenue totaled $2,556 million, down 8% from $2,769 million in the prior year. The decline in revenue was attributed to the impact of divestitures, including the BenefitWallet portfolio and the Curbside Management and Public Safety Solutions businesses.
Total operating costs and expenses for the third quarter of 2024 were $648 million, significantly reduced from $1,245 million in the same quarter of 2023. For the nine-month period, operating costs decreased to $1,970 million from $3,097 million. This reduction in costs contributed to a turnaround in profitability, with income before income taxes for Q3 2024 reported at $159 million, compared to a loss of $313 million in Q3 2023. Net income for the third quarter was $123 million, a substantial improvement from a net loss of $289 million in the prior year. For the nine months, net income reached $438 million, compared to a loss of $302 million in 2023.
The company’s earnings per share also reflected this positive trend, with basic earnings per share for Q3 2024 at $0.75, compared to a loss of $(1.34) in Q3 2023. For the nine months, basic earnings per share were $2.28, up from $(1.42) in the previous year.
Strategically, Conduent completed several divestitures, including the sale of the Casualty Claims Solutions business for $224 million, which contributed to a gain of $195 million. The divestiture of the BenefitWallet portfolio was completed in multiple tranches, generating $425 million in total proceeds. The company also repurchased 3.9 million shares of common stock during the quarter, completing a previously approved $75 million share repurchase program.
As of September 30, 2024, Conduent's total assets were $2,841 million, down from $3,162 million at the end of 2023, while total liabilities decreased to $1,818 million from $2,387 million. Long-term debt was significantly reduced to $718 million from $1,248 million at the end of 2023, reflecting the company's focus on debt reduction through proceeds from divestitures.
Overall, Conduent's financial performance in Q3 2024 demonstrated a strong recovery in profitability despite a decline in revenue, driven by strategic divestitures and cost management initiatives.
About CONDUENT Inc
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.