Computer Sciences Swings To Loss

(RTTNews) - IT service provider Computer Sciences Corp (CSC) said Monday after the markets closed that it swung to a third quarter loss, hurt by lower revenue as well as pension and SEC settlement related charges.

The company's quarterly earnings per share, excluding items, came in above analysts' expectations, but its quarterly revenue fell short of analysts' forecast.

Computer Sciences shares are currently losing 8.24% in after hours trading after closing the day's regular trading session at $64.84, down 18 cents. The shares trade in a 52-week range of $54.23 to $66.99.

For the third quarter ended January 2, 2015, Falls Church, Virginia-based company reported a net loss of $314 million or $2.23 per share, compared to net income of $271 million or $1.81 per share for the year-ago quarter.

The latest quarter results include $2.05 per share of non-cash pension-related charges and a $1.38 per share of a proposed SEC settlement-related charge.

Excluding items, adjusted earnings for the third quarter were $1.18 per share, compared yo $1.08 per share in the prior year quarter.

On average, 16 analysts polled by Thomson Reuters expected the company to earn $1.12 per share for the third quarter. Analysts' estimates typically exclude special items.

Revenues for the third quarter fell 8.7% to $2.95 billion from $3.23 billion in the same quarter last year. Thirteen analysts had a consensus revenue estimate of $3.18 billion for the third quarter.

For the third quarter, the company's global business services revenue fell 11.7% to $965 million, while its global infrastructure services revenue dropped 14.1% to $984 million. North American public sector revenue for the quarter declined 0.8% to $998 million.