Conduent reports Q4 adjusted EPS 3c vs 1c last year

Reports Q4 revenue $953M vs $986M last year. Cliff Skelton, Conduent President and Chief Executive Officer stated, “Our Q4 results contributed to a strong finish to 2023, with Adjusted Revenue, Adjusted EBITDA and Adjusted EBITDA Margin exceeding our previously described Outlook for 2023. While we experienced some macroeconomic headwinds in our Commercial sales efforts, our Total Contract Value sales were up 20% year over year-the highest in company history-and our new business pipeline remains quite strong, up 10% year on year. In March 2023, we outlined a game plan for growth, rationalization, and improved cash flow generation with a target 2025 exit plan. We concluded year one of that plan with two portfolio divestiture announcements expected to close in the first half of 2024, a share repurchase program well underway, several key client wins, and renewed confidence in our plan to further rationalize the portfolio and efficiently deploy capital for the future. We continued to earn recognition for culture and leadership, earned industry recognition for our product and service capabilities, and our 59,000 strong team delivered outstanding service and solutions to our clients and end-users throughout the year. We enter the second year of our three-year plan with enthusiasm and confidence in the road ahead.”