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Computer Sciences posts lower 2Q net income

Wed, 11/10/2010 - 7:05am
The Associated Press

Computer Sciences Corp. said Wednesday its fiscal second-quarter net income declined, hurt by a higher tax rate and a slight revenue decline.

For the three months ended Oct. 1, the company earned $184 million, or $1.18 per share, down 15 percent from $216 million, or $1.40 per share, in the same period a year earlier.

Revenue slid less than 2 percent to $3.98 billion from $4.04 billion.

Analysts, on average, were expecting earnings of $1.17 per share on revenue of $4 billion, according to a poll by Thomson Reuters.

The company said its income taxes were $82 million in the latest quarter, more than double the $39 million it paid a year earlier. CSC forecast earnings of $5.35 to $5.45 per share for the full fiscal year, above its August outlook of $5.30 to $5.40 per share. It expects revenue of $16.5 billion to $17 billion, which is below its earlier guidance of $16.8 billion to $17.2 billion.

Analysts, on average, are expecting earnings of $5.30 per share on revenue of $16.64 billion.

"Our underlying performance in the quarter continues to track in a positive direction," said Chairman and CEO Michael W. Laphen in a statement. "We achieved a solid quarter in new business bookings which supports our anticipated growth in the second half of the fiscal year."

Shares of CSC fell 34 cents to $48.45 in morning trading.

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