Conduent (NASDAQ:CNDT) earnings for the business process company’s second quarter of 2020 have CNDT stock on the rise Friday. That’s thanks to its adjusted earnings per share of 12 cents on revenue of $1.02 billion. These are both better than Wall Street’s estimates for a loss of 5 cents per share and revenue of $925.5 million.
Let’s take a more in-depth look at the most recent Conduent earnings report below.
- Adjusted per-share earnings are down 7.7% from 13 cents during the same period of the year prior.
- Revenue for the quarter comes in 8.6% lower than the $1.11 billion reported in the second quarter of 2019.
- The Conduent earnings also have it reporting a net loss of $51 million.
- That’s a 95% improvement over the company’s net loss of $1.01 billion reported during the same time last year.
Cliff Skelton, CEO of Conduent, said this about the earnings results.
“We continued to make progress in the second quarter as a result of the hard work from our associates and support from our clients. Our Government segment performed particularly well this quarter, driven by larger volumes in the Government payments space and our Transportation business proved to be more resilient than anticipated.”
Conduent doesn’t discuss guidance during its current earnings report. That’s likely due to the novel coronavirus causing problems for the economy. Many other companies are withholding outlooks during the pandemic.
CNDT stock was up 82.7% when markets closed on Friday.
As of this writing, William White did not hold a position in any of the aforementioned securities.