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Unisys beats the Street

The computer hardware and services firm reports second quarter earnings of $90.1 million, slightly better than Wall Street expectations.

Unisys today reported second quarter earnings of $90.1 million, or 24 cents a share, slightly better than Wall Street expectations.

Earnings were more than double profits reported in the same time period last year. The company posted earnings of $41.9 million, or 14 cents per share, one year ago.

The company's earnings beat FirstCall's consensus estimate of 21 cents a share.

The company said that revenue in the second quarter rose 9 percent to $1.73 billion from $1.59 billion a year ago.

Company executives said the strong results for the second quarter were due in part to the company's decision to focus business on higher-growth services markets and to align its strategic direction based on customer needs.

"Our distributed computing support services also showed strong growth and demand remains good for our ClearPath family of enterprise servers," the company's chief executive Lawrence Weinbach said in a statement.

Unisys also announced today that it intends to make $160 million of debt repayments that would allow the company to reach its $1 billion debt reduction goal by October 1998, one year after the debt reduction program was launched.