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Wednesday, Feb 1, 2023
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Computer Sciences Earnings Rise

Computer Sciences Corp. said Thursday that its first-quarter profit jumped 19 percent, beating analysts’ forecasts, bolstered by strong demand for commercial and U.S. government consulting and systems integration services.


The El Segundo-based provider of outsourced technology services reported net income of $131.6 million (70 cents per diluted share) for the first quarter ended July 1, compared with $110.4 million (58 cents) for the like period a year earlier. Revenue rose 8.6 percent to $3.6 billion from $3.3 billion in the year-ago period.


Analysts expected earnings of 55 cents per share on sales of $3.5 billion.


Profits for the quarter included a $22.9 million gain from the sale of discontinued operations, the company said.


The company said its commercial and government units posted healthy sales increases, with large outsourcing contracts in North America and Europe leading growth. Computer Sciences said its North American consulting and systems integration business also posted improvement. Global commercial revenue rose 10.9 percent to $2.4 billion while U.S. government sales rose 4.5 percent to $1.2 billion.


For the second quarter, the company expects earnings in the mid-to-upper 60-cent per share range on revenues of $3.6 billion. For the full year, Computer Sciences reaffirmed its previous guidance for earnings of $3.20 to $3.30 per share on revenues of $15 billion to $15.2 billion.

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