Unisys Corporation UISstarted 2018 on a positive note, reporting year-over-year growth in GAAP revenues and earnings for the first quarter. The company’s revenues and earnings for the quarter came in at $708.4 million and 62 cents per share, respectively. In the year-ago quarter, Unisys had posted revenues of $664.
5 million and a loss per share of 65 cents.Furthermore, it should be noted that the company from the first quarter onward has adopted the new revenue recognition rules under the ASC 606 and the same it has reflected under the non-GAAP measures.
On a non-GAAP basis, the company registered a decline of 1.4% mainly due to a tough year-over-year comparison. Notably, Unisys had re-negotiated a large contract in the year-ago quarter, which had significantly driven the first-quarter 2017 revenues.
Moreover, the company reported non-GAAP earnings of 19 cents per share compared with 32 cents per share posted in the year-earlier quarter. The bottom-line results were negatively impacted by decline in non-GAAP revenues.