Convergys Q2 Results Miss Estimates

(RTTNews) - Convergys Corp. (CVG) reported net income for the second quarter of $29 million or $0.28 per share, compared to $24.7 million or $0.23 per share for the year-ago quarter.

Excluding items, adjusted earnings for the second quarter were $34.3 million or $0.33 per share, compared to $36.4 million or $0.34 per share in the same quarter last year.

Revenue for the second quarter fell 3% to $716.7 million from $736.4 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.37 per share on revenue of $728.03 million for the second quarter. Analysts' estimates typically exclude special items.

The company also said that its Board of Directors has approved increasing the authorization for share repurchases to $250 million.

The company now expects 2015 revenue of $2.94 billion to $3.02 billion, compared to its prior guidance of $2.95 billion to $3.03 billion. However, the company maintained its 2015 adjusted earnings outlook of $1.65 to $1.75 per share.

Analysts currently expect the company to earn $1.72 per share on revenue of $3.01 billion for the full year 2015.