On Tuesday, information technology company Computer Sciences Corporation (CSC) said it turned a big profit in the third quarter, easily beating analysts’ projections. The results caused shares to spike in early trading.
The Falls Church, Virginia-based company posted third quarter net income of $510 million, or $3.27 per share, versus a loss of $1.39 billion, or $8.96 per share, in the year earlier period. Income from continuing operations in the qarter was $123 million, or 77 cents per share, compared to a loss of $1.42 billion, or $9.15 per share, in the previous year.
CSC revenue was up about 3% in the quarter, coming in at $3.78 billion versus $3.69 billion a year earlier.
According to analysts polled by Thomson Reuters, the consensus view was that CSC would earn a much-lower 58 cents per share on smaller revenue of $3.69 billion.
The company also boosted its fiscal 2013 estimates; it now expects to earn between $2.50 and $2.70 per share, up from the previous forecast of $2.30 to $2.50 per share. Analysts project full-year earnings to be $2.37 per share.
Computer Sciences Corp shares were up $3.77, or +9.00%, during morning trading on Tuesday. The stock is up about 63% over the trailing twelve months.
The Bottom Line
Shares of Computer Sciences Corporation have a dividend yield of 1.76% based on Tuesday’s intraday trading price of $45.39 and the company’s annualized dividend payout of 80 cents per share.
Computer Sciences Corporation (CSC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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