Unisys Corporation reported its financial results for the third quarter and the nine months ended September 30, 2024, showing a mixed performance in revenue and profitability compared to the previous fiscal period.
For the three months ended September 30, 2024, Unisys generated total revenue of $497.0 million, a 7.0% increase from $464.6 million in the same period of 2023. The revenue breakdown included $414.9 million from services and $82.1 million from technology, with the technology segment experiencing significant growth from $49.4 million in Q3 2023. For the nine months ended September 30, 2024, total revenue was $1,463.0 million, slightly up from $1,457.8 million in the prior year.
Despite the revenue growth, Unisys reported a consolidated net loss of $61.9 million for Q3 2024, compared to a loss of $50.0 million in Q3 2023. The net loss attributable to Unisys Corporation for the nine months was $223.4 million, an improvement from a loss of $265.4 million in the same period of 2023. The basic loss per share for Q3 2024 was $(0.89), compared to $(0.73) in Q3 2023.
Operating income for the third quarter was $7.5 million, a notable recovery from an operating loss of $17.1 million in Q3 2023. The gross profit margin improved to 29.2% in Q3 2024, up from 20.5% in the prior year, reflecting better cost management and operational efficiency. Selling, general, and administrative expenses decreased to $91.9 million, down from $108.1 million in Q3 2023.
Strategically, Unisys undertook workforce reductions, incurring net charges of $2.0 million in Q3 2024, primarily for severance costs. The company also recognized a goodwill impairment charge of $39.1 million related to its Digital Workplace Solutions segment during the quarter.
Total assets decreased to $1,861.6 million as of September 30, 2024, from $1,965.4 million at the end of 2023, while total current assets fell to $947.1 million. The accumulated deficit increased to $(2,169.1) million, reflecting ongoing financial challenges.
In terms of cash flow, Unisys reported net cash provided by operating activities of $58.5 million for the nine months ended September 30, 2024, compared to $51.2 million in the same period of 2023. The company also made cash contributions of $17.6 million to its defined benefit pension plans during the nine months, down from $37.1 million in the prior year.
Overall, while Unisys experienced revenue growth and improved operating income, it continues to face challenges with net losses and an increasing accumulated deficit.
About UNISYS CORP
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