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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; joan.solsman@dowjones.com

Stock News for Computer Sciences (CSC)
DateTimeHeadline
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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