posted better-than-expected fourth-quarter results due to strong federal government business and gains in European and North American outsourcing business.
The company said its fourth-quarter net income was $141.1 million, or 82 cents a share, compared with a year-ago loss of $37.4 million, or 22 cents a share, that included a $148.7 million restructuring charge. Analysts polled by Thomson Financial/First Call had been expecting 77 cents.
Revenue for the quarter rose to $3.05 billion from $2.9 billion a year ago. The company said its revenue gains were driven primarily by U.S. federal government operations revenue, which grew 18% from last year, and the company's outsourcing agreements.
Computer Sciences also provided a 2003 full-year outlook above analyst estimates, saying it expects earnings per share of $2.73 to $2.88 for the year with revenue growth of 6% to 8%. Analysts were expecting EPS of $2.51.
Shares of CSC closed at $41.50 Tuesday before the earnings release.