Computer Sciences Meets Lowered Forecasts
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Computer Sciences Corp., the world’s No. 3 computer-services supplier, reported fiscal fourth-quarter results in line with its sharply lowered expectations and said profit in the first quarter will fall short of analysts’ forecasts amid a slowdown in technology spending.
The El Segundo-based company reported operating earnings of $61.3 million, or 36 cents a share, a penny better than the lowered average estimate of analysts polled by First Call/Thomson Financial. Sales rose 13% to $2.9 billion.
For the current quarter, the company expects earnings in the “high 20-cent range,” compared with the average analyst forecast of 39 cents.
Shares of Computer Sciences slipped 98 cents to close at $37.60 on the New York Stock Exchange before the results were released.
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