Revenue dips under $4 billion
IT services provider CSC has reported a 10.6% decline in net income to $160m for the third quarter 2009, compared to $179m in the year-ago quarter, on revenue down 5% to $3.95 billion.
Operating income grew 7.5% to $371m, while diluted EPS was $1.06 compared to $1.05 in the same period last year. Total new business orders were $2.7 billion, with $1.2 billion from the North American public sector, $1.2 billion from business solutions and services, and $327m from global outsourcing services.
During the quarter, business revenue fell 1.9% to $1.01 billion, outsoucing revenue declined 13.4% to $1.48 billion, and public sector revenue increased 2.9% to $1.47 billion.
Michael Laphen, chairman, president and chief executive at CSC, said: We are pleased with our progress in the third quarter. These results reflect the company’s intensified focus on financial discipline, cost control and cash management. CSC continues to execute on its strategic initiatives and is well positioned to take advantage of emerging opportunities in an otherwise unsettled and difficult economic environment.
The company expects full-year revenue of approximately $16.8 billion and earnings per share of $6.30.