Convergys' warning drops shares to 52-week low

Shares of Convergys Corp. fell to a 52-week low Wednesday after the downtown-based provider of billing and outsourced services reported better-than-expected second-quarter earnings but warned that full-year results will be lower than expected. Convergys shares closed Wednesday at $12.72, down $1.36 or nearly 10 percent. The stock's previous low for the year was $13.66. For the three months ended June 30, Convergys said net income grew 4 percent to $40.5 million over a year ago. Earnings per share grew 14 percent to 32 cents with the help of the repurchase of 3.5 million of the company's shares. That was better than earnings of 27 cents a share expected by analysts. Convergys president and CEO Dave Dougherty said the company was able to increase earnings per share "in the face of a challenging economic environment." Quarterly... [read full story]