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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
05/20/201514:33:32Current Report Filing (8-k)
05/20/201512:15:10What Is the S&P 500 Index?
05/20/201506:01:38Current Report Filing (8-k)
05/19/201517:50:04Computer Sciences to Split Into Two Companies
05/19/201516:27:56Current Report Filing (8-k)
05/19/201516:17:00CSC Board Declares Quarterly Cash Dividend
05/19/201516:16:00CSC Announces Plan to Separate into Two Independent, Publicly...
05/19/201516:15:00CSC Delivers Solid Margin Expansion, Profit Growth, and Cash...
05/18/201518:02:32Statement of Changes in Beneficial Ownership (4)
05/11/201516:30:00CSC to Report Fourth Quarter and Fiscal Year 2015 Results on...
05/06/201512:14:00CSC Named 2014 EMC Americas Alliances Partner of the Year
05/06/201510:55:32Computer Sciences Upgraded to Hold at Zacks (CSC)
04/27/201516:48:33Current Report Filing (8-k)
04/23/201515:08:08Statement of Changes in Beneficial Ownership (4)
04/23/201515:08:08Statement of Changes in Beneficial Ownership (4)
04/22/201508:30:00CSC to Deliver First-of-Type Patient Care Co-ordination Centre...
04/09/201513:36:38Statement of Changes in Beneficial Ownership (4)
04/09/201513:36:09Statement of Changes in Beneficial Ownership (4)
04/07/201510:05:09Statement of Changes in Beneficial Ownership (4)
03/27/201512:35:02Statement of Changes in Beneficial Ownership (4)

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