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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;

Stock News for Computer Sciences (CSC)
07/30/201518:19:41Amended Statement of Changes in Beneficial Ownership (4/a)
07/29/201519:04:00Statement of Changes in Beneficial Ownership (4)
07/29/201516:51:31Pentagon to Award Health-Record Contract
07/28/201517:24:43Current Report Filing (8-k)
07/28/201515:00:00CSC Named a Leader in IDC MarketScape: Asia/Pacific Managed Security...
07/27/201516:15:00CSC to Report First Quarter 2016 Results on Tuesday, August 11...
07/23/201516:30:00CSC and HCL Form Joint Venture to Deliver Digital Software and...
07/20/201516:33:52Statement of Changes in Beneficial Ownership (4)
07/20/201516:33:52Statement of Changes in Beneficial Ownership (4)
07/17/201514:21:21Statement of Changes in Beneficial Ownership (4)
07/13/201516:10:00CSC Announces Filing of Form 10 for Planned Spin-off of U.S...
06/29/201516:48:15Annual Report of Employee Stock Plans (11-k)
06/26/201516:08:18Additional Proxy Soliciting Materials (definitive) (defa14a)
06/26/201516:07:24Proxy Statement (definitive) (def 14a)
06/22/201516:32:10Initial Statement of Beneficial Ownership (3)
06/17/201508:00:00Raytheon and CSC in teaming agreement for Army Training Program
06/16/201519:56:48Statement of Changes in Beneficial Ownership (4)
06/16/201519:56:48Statement of Changes in Beneficial Ownership (4)
06/16/201519:56:47Statement of Changes in Beneficial Ownership (4)
06/16/201519:56:19Statement of Changes in Beneficial Ownership (4)

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