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By: Dividend Daily
May 17, 2012 at 10:48 AM EDT
Computer Sciences Posts “Poor” Q4 Results; Says Turnaround in the Works (CSC)
Information technology specialist Computer Sciences Corporation (CSC) on Thursday posted what its CEO called “poor” first quarter earnings results, but promised a turnaround plan is in place to improve its performance.
The Falls Church, VA-based company reported fourth quarter net income of $158 million, or $1.02 per share, compared with $171 million, or $1.09 per share, in the year-ago period.
Revenue fell 2% from last year to $4.1 billion.
On average, Wall Street analysts expected a net profit of 20 cents per share, on matching revenue of $4.1 billion.
CEO Mike Lawrie commented in a statement, “We consider these results to be very poor. The company is executing well below an acceptable level for CSC and its investors.” However, he added “Our company is in a turnaround situation and we are taking the first steps [in a turnaround].”
Computer Sciences shares fell 21 cents, or -1%, in morning trading Thursday.
The Bottom Line
Computer Sciences Corporation (CSC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
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