Computer Sciences Corp Posts Mixed Results (CSC)

Computer Sciences Corporation CSC on Wednesday morning released financial results that beat Wall Street earnings expectations, while missing revenue estimates. Computer Sciences Corporation reported that its 2nd quarter net income fell to $184 million, or $1.18 per share, down from $216 million, or $1.40 per share, a year earlier. Revenue fell to $3.98 billion, down from $4.04 billion a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of $1.17 per share, on revenue of $4 billion. Chairman and Chief Executive Officer Michael W. Laphen said, “Our underlying performance in the quarter continues to track in a positive direction. We achieved a solid quarter in new business bookings which supports our anticipated growth in the second half of the fiscal year. Our pre-tax margin and operating margin improved sequentially, this despite a series of non-recurring accounting adjustments in MSS, primarily in the Nordics Region.” The company forecast full-year EPS in the range of $5.35 to $5.45, on revenue in the range of $16.5 billion to $17 billion. Computer Sciences Corporation (CSC) ended the previous trading session at $48.79 per share. Analysts covering the company's stock have a consensus price target of $51.71 per share. Read more from Benzinga's Company news.