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.

Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.