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CSC 4Q Profit Down 32% On 2009 Gain; View For New Year Upbeat

DOW JONES NEWSWIRES CSC's (CSC) fiscal fourth-quarter earnings fell 43% absent a prior-year tax benefit as the information-technology services company reported stronger sales. Chairman and Chief Executive Michael Laphen said the company is poised for a return to growth in the just-started fiscal year. It anticipates a profit of $5.30 to $5.40 a share on revenue of $16.8 billion to $17.2 billion, while analysts polled by Thomson Reuters recently projected $5.21 and $16.96 billion, respectively. The company has benefited from increasing outsourcing of IT services and continued to add new contracts during the quarter. Recurring revenue from long-term contracts also has help CSC post solid earnings as IT spending slumped. It added $4.3 billion in new business bookings during the quarter, led by its managed-services segment, which accounted for nearly half the amount. For the quarter ended April 2, CSC reported a profit of $259 million, or $1.66 a share, down from $382 million, or $2.51 a share, a year earlier. The prior year included $1.11 of net favorable tax settlements. Revenue increased 3.2% to $4.24 billion. The company in February projected earnings of $1.37, below analysts' forecasts at the time, on revenue of $4.4 billion, which exceeded analysts' then-estimates. CSC's managed-services segment, its largest by revenue and which mainly covers government contracts, rose 4.7%. CSC's North American public-sector business had 6.1% growth while the smaller business services and solutions unit posted a decline of 4.1%. CSC, which had been known as Computer Sciences Corp., changed its name as part of a five-year marketing and advertising campaign. Shares closed Wednesday at $49.11 and were inactive premarket. The stock is down 15% this year. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com

Stock News for Computer Sciences (CSC)
DateTimeHeadline
02/16/201707:00:00CSC Receives RobecoSAM Corporate Responsibility and Sustainability...
02/15/201720:45:00DXC Technology sera le nom de la nouvelle société après la fi...
02/15/201720:45:00DXC Technology als Name für das aus der Fusion von CSC und HPE...
02/15/201717:23:12Filing of Certain Prospectuses and Communications in Connection...
02/15/201711:00:00DXC Technology Revealed as Name for Combined CSC and HPE Enterprise...
02/14/201717:59:28Amended Statement of Ownership (sc 13g/a)
02/14/201704:00:00CSC Named a Leader in Gartner’s 2016 Magic Quadrant For Life I...
02/13/201717:21:36Current Report Filing (8-k)
02/13/201716:59:56Filing of Certain Prospectuses and Communications in Connection...
02/10/201710:21:12Amended Statement of Ownership (sc 13g/a)
02/08/201714:09:52Statement of Ownership (sc 13g)
02/07/201707:00:00CSC Announces Distinguished Architects and Engineers
02/03/201717:11:16Current Report Filing (8-k)
02/03/201716:52:12Filing of Certain Prospectuses and Communications in Connection...
02/03/201708:00:00Board of Directors Named for New Company to be Formed by the...
02/03/201706:02:06Quarterly Report (10-q)
02/02/201716:23:12Current Report Filing (8-k)
02/02/201716:15:00CSC Delivers Revenue Growth, Year-over-Year & Sequential Commercial...
01/30/201717:18:04Statement of Changes in Beneficial Ownership (4)
01/30/201717:18:04Statement of Changes in Beneficial Ownership (4)

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