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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)
10/05/201517:10:49Current Report Filing (8-k)
10/05/201517:02:00CSC Enters into Five-Week Due Diligence Process to Acquire UXC...
09/29/201514:29:00CSC and Cloudera Team to Achieve PCI and HIPAA Certification...
09/25/201510:30:00CSC Finalizes Fixnetix Acquisition
09/23/201517:25:00AT&T and CSC Revolutionize Hybrid Cloud Management
09/23/201508:18:00Information Technology Services Equities Scrutiny -- Xerox, International...
09/22/201504:13:00CSC finalise l’acquisition de Fruition Partners
09/21/201513:53:00CSC schließt Übernahme von Fruition Partners ab
09/21/201508:00:00CSC Finalizes Fruition Partners Acquisition
09/04/201515:54:50Current Report Filing (8-k)
09/01/201516:44:05Current Report Filing (8-k)
09/01/201506:01:37Current Report Filing (8-k)
08/31/201516:51:00CSC to Combine Government Services Unit with SRA upon Separation...
08/31/201508:30:00CSC Team Wins Federal Aviation Administration Cloud Services...
08/25/201516:59:22Amended Statement of Changes in Beneficial Ownership (4/a)
08/21/201518:30:31Amended Statement of Changes in Beneficial Ownership (4/a)
08/21/201518:17:10Statement of Changes in Beneficial Ownership (4)
08/21/201517:51:01Statement of Changes in Beneficial Ownership (4)
08/21/201517:30:56Statement of Changes in Beneficial Ownership (4)

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