Last $20.66 USD
Change Today +0.13 / 0.63%
Volume 314.8K
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As of 8:04 PM 07/22/14 All times are local (Market data is delayed by at least 15 minutes).

convergys corp (CVG) Key Developments

Convergys Corporation Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014; Approves Quarterly Dividend, Payable on July 3, 2014; Provides Earnings Guidance for the Second Quarter, Second Half and Full Year of 2014

Convergys Corporation announced that the Board of Directors of the company approved a 17% increase in the quarterly dividend to $0.07 per share. The first dividend payment of $0.07 per share is scheduled to be made on July 3, 2014, to shareholders of record at the close of business on June 19, 2014. The company announced unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported total revenues of $605.7 million against $493.5 million a year ago. The strong growth in revenue was driven by higher-than-expected volumes early in the quarter with clients in the communications, health care and retail verticals. Operating income was $22.0 million against $36.5 million a year ago. Income from continuing operations, net of tax was $13.7 million or $0.13 per diluted share against $30.2 million or $0.27 per diluted share a year ago. Net income was $14.2 million or $0.13 per diluted share against $25.1 million or $0.23 per diluted share a year ago. The profit improvement was driven primarily by the impact of higher client volumes early in the quarter. Income before income taxes and discontinued operations was $16.1 million against $35.9 million a year ago. Adjusted operating income was $52.3 million against $37.7 million a year ago. Adjusted income from continuing operations, net of tax was $34.0 million or $0.32 per diluted share against $30.9 million or $0.28 per diluted share a year ago. Adjusted EBITDA was $75.1 million against $60.93 million a year ago. Net cash provided by operating activities was $15.7 million against $22.7 million a year ago. Capital expenditures were $18.3 million against $12.1 million a year ago. The company expects consolidated revenue growth and adjusted profit improvement for the full year 2014 compared with 2013, including: Revenue to exceed $2.9 billion, increasing over 40% from prior year $2.0 billion; Adjusted EBITDA of $350 million to $360 million, improving from prior year $251 million; Adjusted effective tax rate to approximate 23%; Adjusted EPS of $1.45 to $1.50, improving over 30% from prior year $1.10. The company expects normal seasonal impacts in the second quarter of 2014 with sequential increase in second-half 2014 results compared with first-half 2014 results. For the second quarter, The company expects adjusted EPS to be similar to its first quarter result.

Convergys Corporation to Report Q1, 2014 Results on May 13, 2014

Convergys Corporation announced that they will report Q1, 2014 results at 9:00 AM, US Eastern Standard Time on May 13, 2014

Convergys Corporation, Q1 2014 Earnings Call, May 13, 2014

Convergys Corporation, Q1 2014 Earnings Call, May 13, 2014

Convergys Corporation Announces Resignation of Brian Delaney as Chief Operating Officer, Effective May 21, 2014

On April 21, 2014, Brian Delaney, Chief Operating Officer of Convergys Corporation delivered a notice of his resignation for personal reasons. Mr. Delaney's resignation will be effective on May 21, 2014.

Convergys Announces Plans to Open New Office in Northern Ireland

Convergys Corporation has announced its plans to open a new service in Derry/Londonderry, Northern Ireland in late May 2014 or early June 2014. The will provide a large, multinational telecommunications company with customer support, creating more than 300 new jobs in this location. This will be the third location in Northern Ireland for Convergys, which now operates two service centers in Belfast as part of its recent acquisition of Stream Global Services.

 

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CVG

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Price/Earnings 53.0x
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Price/Book 1.6x
Price/Cash Flow 14.0x
TEV/Sales 0.6x
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