What happened
Unisys (UIS -1.08%) stock plunged today, down by 15% as of 12:00 p.m. EDT, after the company reported second-quarter earnings results.
So what
Revenue in the second quarter fell to $666 million, in part due to lower revenue in the company's technology segment, which was largely expected by management. That translated into a net loss of $42 million, or $0.83 per share.
Image source: Unisys.
Non-GAAP operating margin was 4%, and Unisys closed a $440 million senior notes offering during the quarter. The company ended the quarter with $571 million cash and equivalents.
Now what
"For our first half, our results continued to indicate progress against our key strategic and financial goals," said CEO Peter Altabef in a statement. "While we saw some year-over-year variability during the second quarter, in part due to a very difficult compare for our Technology segment, we continue to see improvement in our go-to-market efforts."
Unisys is reaffirming its full-year 2017 guidance, which calls for revenue in the range of $2.65 billion to $2.75 billion, with a non-GAAP operating margin of 7.25% to 8.25%. Adjusted free cash flow for the year is expected to be $130 million to $170 million.
