EDS Avoids Slowdown, Meets Expectations

Electronic Data Systems (EDS) met analysts' earnings expectations for the latest first quarter, and, unlike many other technology companies, said it hasn't seen a slowdown in its overall market.

For the first quarter ended March 31, the software and services company said earnings rose to 56 cents a share, meeting the consensus estimate of analysts polled by Thomson Financial/First Call. The company earned 47 cents in the year-ago quarter.

Revenue rose to $4.99 billion from $4.58 billion in the same quarter a year ago.

"EDS has seen no slowdown in our overall market,'' the company said in a press release. "Companies around the world are continuing to invest in the information technology segments we serve to boost their productivity. Our pipeline of new business opportunities continues to expand to record levels. Our growing backlog of signed business, which is more than four times annual revenues, gives us confidence in our ability to continue to deliver on our commitments to shareholders.''

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