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Tech Industry

EDS hits 2Q estimates but sales stall

Electronic Data Systems met analysts' estimates in its second quarter Thursday, posting a profit of $254.3 million, or 53 cents a share, on sales of $4.6 billion.

First Call Corp. consensus pegged the computer services firm for a profit of 53 cents a share in the quarter.

EDS (NYSE: EDS) shares closed off 5/16 to 40 3/8 ahead of the earnings report.

The $4.6 billion in sales was basically flat with the first quarter when it posted a profit of 47 cents a share on sales of $4.5 billion.

Company officials said its so-called base revenue, excluding its biggest customer and former owner GM, were up 2 percent to $3.8 billion from $3.73 billion.

EDS shares collapsed earlier this quarter after it warned of weaker-than-expected sales in the quarter.

Its shares peaked at 76 11/16 in February before slumping to a low of 38 3/8 in June.

Eleven of the 16 analysts following the stock rate it either a "buy" or "strong buy."

First Call Corp. consensus expects it to earn $2.26 a share in the fiscal year.