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Computer Sciences gains on 1Q results

Computer Sciences shares moved up $5.88, or 9 percent, to $71.81 Friday, one day after it met analysts' estimates in its second quarter.

In the quarter, Computer Sciences (NYSE: CSC) raked in $109 million, or 64 cents a share, on sales of $2.5 billion.

First Call Corp. consensus expected it to earn 64 cents a share in the quarter.

The $2.5 billion in sales marks a 12 percent improvement from the year-ago quarter when it earned $93.1 million, or 55 cents a share, on sales of $2.23 billion.

"We are quite pleased with our excellent financial performance during our second fiscal quarter, particularly given the backdrop of adverse currency effects in Europe and Australia and other factors which have generally moderated revenue growth for the entire information technology services industry," said CEO Van Honeycutt in a prepared release.

However, company officials said currency pressures in Europe would result in lower sales and earnings in fiscal 2001.

It now expects to earn $2.90 a share in the fiscal year, down from its original estimates of between $2.95 a share to $3.05 a share.

It sees total sales of around $10.75 billion, up roughly 15 percent from the fiscal 2000 but slightly lower than the $11 billion it had originally projected.

Last quarter, CSC missed analysts' estimates when it posted a profit of $96 million, or 56 cents a share, on sales of $2.46 billion.

The stock moved as high as $99.88 in May after falling to a low of $60 in December.

Ten of the 12 analysts following the stock rate it either a "buy" or "strong buy" recommendation.

Analysts are expecting a profit of $2.99 a share in the fiscal year.