Sales for the quarter ending March 28 were up 1.45% to $3.1bn. Net income was $162.7m, up 15%. This resulted in earnings per share of $0.93, compared to the $0.94 Wall Street had expected. Full year sales were $11.3bn, down 0.29%, while full year net income was up 27.9% to $440m.
The fourth quarter figures were boosted by a 19% increase in CSC’s Federal government revenues, as a result of its acquisition of DynCorp.
Overall, fourth quarter Federal business was $993.8m, compared to $835.4m a year ago. The biggest jump came in civil agency spending, which was $412.4m compared to $305.9m a year ago. The rest of CSC’s Federal business is with the Department of Defense. Global commercial business was $2.1bn, compared to $2.2bn a year ago. US commercial business was down to $944.6m compared to $1.1bn a year ago. European commercial business was $838.7m compared to last year’s $770.4m.
Looking ahead, the company expects first quarter earnings of $0.50 to $0.52 on sales up 25%. Wall Street’s forecast is for earnings of $0.52. Full year earnings should be $2.78 to $2.88 per share on sales of $14.3bn to $14.7bn. Wall Street currently forecasts $2.82 per share on sales of $13.4bn.
Source: Computerwire
