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Computer Sciences Cuts 2011 Outlook Again On UK Government Deal

DOW JONES NEWSWIRES Computer Sciences Corp. (CSC) lowered its outlook for the year again as it integrated the anticipated effects from a memorandum of understanding it expects to reach with the U.K. National Health Service. Shares in the provider of information-technology services fell 9% to $45.99 after hours. Through the close, the stock had fallen 3.5% over the 52 weeks. "After several months of detailed discussions we're now in the final stages of concluding this agreement and moving on to a new era of certainty and partnership with the U.K. government," Chairman and Chief Executive Michael W. Laphen. He said the company would help the U.K. "deliver more efficient and secure public services." The company cut its earnings target to $4.75 a share from February's $5.20 a share because of a reduction in contract profit. It lowered its revenue outlook to $16.1 billion from $16.2 billion. Computer Sciences said the guidance reductions were driven by the anticipated memorandum, as well as a related milestone revenue shift and a slightly higher tax rate. Its February guidance excluded any effects from the National Health memorandum discussions. That guidance itself was a reduction because of a slowdown in government contracts. Previously, the Virginia-based company has benefited from increased IT outsourcing, but its reliance on government contracting has hurt it lately because of delays in award decisions by the U.S. federal government. In its latest quarterly results, Computer Sciences Corp.'s earnings rose 15% on a tax benefit. --By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; [email protected]

Stock News for Computer Sciences (CSC)
DateTimeHeadline
02/21/201706:00:00CSC Closes the Gap Between Security and IT Operations with ISecOps
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)

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