Convergys Beats Estimates (CVG)

Cincinnati, Ohio based Convergys Corporation CVG late on Monday released financial results that beat Wall Street expectations. Convergys Corporation reported that its 3rd quarter income from continuing operations rose to $35 million, or 28 cents per share, up from $30 million, or 24 cents per share, a year earlier. Excluding special items, the company earned 29 cents per share from continuing operations. The company's revenue fell 6% to $556 million, down from $590.8 million a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 25 cents per share, on revenue of $536.39 million. President and CEO Jeff Fox said, “We made solid progress executing our plan with higher sequential revenue, EBITDA, and EPS in the quarter. We also had several contract wins with new and existing clients across both of our businesses. We are investing in our solution platforms and working hard to simplify our business. Our operating teams are focused on delivering more value to our clients which we believe will yield further revenue and profit improvements over time. In aggregate, we expect continued margin improvement in the fourth quarter.” The company forecast full-year adjusted income from continuing operations of 95 cents to $1.05 per share. Convergys Corporation (CVG) ended the Monday trading session at $11.83 per share. Analysts covering the company's stock have a consensus price target of $12.83 per share. Read more from Benzinga's Company news.