CSC Profit Climbs 29% in Fiscal 3rd Quarter
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Computer Sciences Corp. of El Segundo reported a 29% rise in fiscal third-quarter profit, citing growing demand from government agencies.
The technology services company, whose clients include the Internal Revenue Service and the U.S. military, said net income rose to $203.5 million, or $1.08 a share, from $157.5 million, or 82 cents, a year earlier. Revenue rose 2.5% to $3.58 billion.
Earnings per share beat the average forecast of 85 cents by analysts surveyed by Reuters Estimates, but revenue fell short of an expected $3.77 billion.
CSC shares, which closed 82 cents lower at $49.32 in regular trading, rose to $49.50 after the earnings report.
The stock has fallen about 14% since reaching a 52-week high Nov. 1 amid speculation that CSC might sell most of its business to Lockheed Martin Corp. and a group of private equity firms. The prospective buyers backed away from a potential $12-billion purchase, people familiar with the matter said.
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