Computer Sciences 4Q profit falls but beats Street
Information technology company Computer Sciences Corp. said Thursday its fiscal fourth-quarter net income declined as higher expenses outpaced higher revenue.
For the three months ended April 2, the company earned $259 million, or $1.66 per share, down 32 percent from a profit of $382 million, or $2.51 per share, in the same period a year earlier.
Revenue rose 3 percent to $4.24 billion from $4.11 billion.
Analysts, on average, were expecting a profit of $1.48 per share on revenue of $4.32 billion, according to a survey by Thomson Reuters.
The quarter's expenses rose 4 percent to $3.9 billion from $3.78 billion.
Chairman and CEO Michael Laphen called the quarter's results solid and said 2009 was "an outstanding year marked by robust cash generation."
For fiscal 2011, the company expects earnings between $5.30 and $5.40 per share and revenue of $16.8 billion to $17.2 billion.
Analysts are expecting earnings of $5.21 per share on revenue of $17 billion.
Shares fell 84 cents to $48.27 in late morning trading.