Software
Computer Sciences Tops Lowered Estimates, but Guides Down
Chris Frankie
05/14/01 - 05:30 PM EDT
Computer Sciences(CSC Quote) beat Wall Street's dramatically lowered earnings estimates for the fiscal fourth quarter by a penny, but the company guided downward for the upcoming period. In the latest quarter, the information technology services company earned $61.3 million, or 36 cents a share, before special items. Fourteen analysts polled by Thomson Financial/First Call expected the company to earn 35 cents in the period. In February, the company projected earnings of 92 cents to 95 cents for the quarter, but a month later tore those numbers down to a range of 35 cents to 37 cents a share. The company earned 84 cents a share in the year-ago period. Revenue rose 12.5% from last year to $2.9 billion. Shares of Computer Sciences, which is based in El Segundo, Calif., fell 98 cents, or 2.5%, to $37.60 in regular-session New York Stock Exchange trading. The company forecast first-quarter earnings "in the high 20-cent range," but analysts are looking for earnings of 39 cents. Computer Sciences also expects earnings of $2.25 to $2.35 a share for fiscal 2002, while the consensus estimate is $2.31.