Shares of Conduent were up over 5% Wednesday after the provider of business process services reaffirmed its long-term outlook and reported mixed Q4 results.
Q4 adjusted EPS was $0.29 per share, up a penny from the year-ago quarter and topping the $0.21 per share consensus compiled by Capital IQ. Revenues fell 12% year-over-year to $1.51 billion and fell short of the $1.61 billion mean estimate.
Looking ahead, Conduent said its long-term outlook remains unchanged from the Dec. 5 investor event. For FY17, the company expects revenues to decline at a similar rate to 2016 levels with adjusted EBITDA growth of over 5%. For FY18, Conduent expects revenues to be flat to positive versus the prior year with adjusted EBITDA growth of over 10%.