Convergys Corporation Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Earnings Guidance for the Fourth Quarter and Full Year of Fiscal 2017
For the first nine months, the company announced total revenues were $2,102.8 million compared to $2,155.6 million for the same period a year ago. Operating income was $145.8 million compared to $157.3 million for the same period a year ago. Income before income taxes was $133.0 million compared to $140.5 million for the same period a year ago. Income from continuing operations, net of tax was $112.5 million compared to $115.5 million for the same period a year ago. Net income was $112.5 million compared to $125.5 million for the same period a year ago. Diluted earnings per common share were $1.12 compared to $1.21 for the same period a year ago. Adjusted operating income was $186.3 million compared to $190.7 million for the same period a year ago. Adjusted income before income taxes was $175.5 million compared to $173.9 million for the same period a year ago. Adjusted income from continuing operations, net of tax was $140.0 million compared to $141.1 million for the same period a year ago. Adjusted diluted EPS from continuing operations was $1.39 million compared to $1.36 million for the same period a year ago. Adjusted EBITDA was $267.5 million compared to $273.3 million for the same period a year ago. Net cash provided by operating activities was $186.1 million compared to $236.8 million for the same period a year ago. Capital expenditures were $44.9 million compared to $63.6 million for the same period a year ago.
The company is confirming full-year 2017 expectations with revenue and EPS at the lower end of previously provided guidance ranges as: Constant currency revenue change to approximate negative 4%; Adjusted EBITDA margin to approximate 12.6%; adjusted effective tax rate to approximate 20%; Adjusted EPS growth to approximate 1%; Adjusted free cash flow to approximate adjusted net income.
The company also now expects slight improvement in fourth-quarter results compared with third-quarter results.