What: Shares of Unisys Corporation (NYSE:UIS) jumped as much as 19% today after reporting earnings and some new contracts.

So what: Third-quarter revenue fell 16% to $739 million and the company swung from a profit of $0.95 per share a year ago to a loss of $0.19 per share. But that still came in well ahead of the $1.19-per-share loss that Wall Street expected.  

A Unisys-led consortium also won a contract to enhance border control and data security for the EU. Separately, AirAsia decided to move to cloud-based Unisys Logistics Management System to manage cargo across its facilities.

Now what: Management is confident that cost-cutting measures will help the company's long-term profitability and this may be a sign of that progress. But Unisys did report a third straight loss in the third quarter and analysts aren't expecting a profit until late 2016. I like the progress Unisys made, but I'd like to see more profitability before jumping into this stock, especially after the pop we saw today.