Profit Falls at Computer Sciences

SAN FRANCISCO -- Tech services giant Computer Sciences (CSC Quote) reported lower second-quarter earnings in the wake of $26 million in charges.

Net income fell to $76 million, or 43 cents a share, from $90 million, or 51 cents, a year earlier.

Excluding the charge, the company earned 54 cents a share. It wasn't immediately clear how that compared to analysts' consensus estimate of 86 cents a share.

Second-quarter revenue rose 11% to $4.02 billion, up 11.3%, or 8% in constant currency, edging past analysts' average estimate.

Helped by an acquisition, U.S. commercial revenue rose 10% to $1.03 billion, vs. an 18% increase in European revenue to 1.1 billion, a 9% gain in constant currency terms.

CSC also provided its first-quarter financial results, which weren't available earlier because of errors in accounting for currency exchange rates and income taxes.

In the first quarter, the company swung to a gain of $108 million, or 61 cents a share, from a loss of $60 million, or 32 cents a share, in the same quarter last year.

Excluding charges, the company earned 80 cents a share, beating analysts' consensus estimate of 70 cents, according to Thomson Financial.

Revenue also topped analysts' average forecast, rising 8% to $3.84 billion, or 5% in constant currency terms.