CSC 2Q Net Off 15% As Revenue, Margins Weaken; View Mixed

Date : 11/10/2010 @ 9:36AM
Source : Dow Jones News
Stock : Computer Sciences Corp. (CSC)
Quote : 69.01  0.0 (0.00%) @ 2:05AM

CSC 2Q Net Off 15% As Revenue, Margins Weaken; View Mixed

Computer Sciences (NYSE:CSC)
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CSC's (CSC) second-quarter earnings fell 15% as the information-technology company reported weaker revenue and margins along with sharply higher taxes.

It raised its profit target for the year by 5 cents to $5.35 to $5.45 a share but lowered its revenue view to $16.5 billion to $17 billion from $16.8 billion to $17.2 billion.

The information-technology services company, which provides services from consumer-credit information to online-data security, has benefited from increased IT outsourcing.

For the quarter ended Oct. 1, CSC reported a profit of $184 million, or $1.18 a share, down from $216 million, or $1.40 a share, a year earlier. Revenue decreased 1.6% to $3.98 billion.

Analysts polled by Thomson Reuters most recently forecast earnings of $1.17 on revenue of $4 billion.

Gross margin fell to 20% from 20.4%.

CSC's managed-services segment, which is its largest by revenue and which mainly covers government contracts, saw revenue edge up 0.1%. Its North American public-sector business reported revenue declined 4.5%.

Shares closed Tuesday at $48.79 and were down 1.4% premarket to $48.10.

 
   -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com; 
 
 
 

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