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CSC meets 4Q forecasts

Computer Sciences Corp. (NYSE: CSC) met analyst estimates in the fourth quarter.

After market close Monday, the IT services giant reported fiscal fourth quarter net income of $142.9 million, or 84 cents per share. That was the figure predicted by First Call's survey of 15 analysts for the quarter ended Mar. 31.

Shares of CSC closed up 1 1/8 to 80 1/2 in Monday's regular trading, prior to the earnings report.

Fourth quarter revenue of $2.58 billion represents a 14.2 percent improvement year-over-year.

Commercial revenue increased 13 percent to $1.9 billion. Asia saw the strongest growth in that segment, up 56.6 percent to $269.7 million. U.S. commercial revenue rose 6.6 percent to $973.4 million. European commercial revenue gained 11.6 percent to $680.9 million.

Revenue related to e-business multiplied more than three and a half times, to more than $700 million.

Company executives predicted continued growth in commercial business.

"We are off to a strong start for new business awards in fiscal 2001, having announced a $1 billion outsourcing agreement with AT&T," said Van B. Honeycutt, chairman, president and CEO. "The demand for commercial outsourcing services is anticipated to be as strong as it was for the past year."

U.S. government revenue grew 16.4 percent to $651.2 million. Civil agencies led growth in that sector, gaining 34.6 percent to $232.3 million. Defense contracts generated $418.9 million, up 8.3 percent year-over-year.

For the full fiscal 2000, CSC earned $432.7 million, or $2.55 per share, on revenue of $9.37 billion.

The company competes with EDS and IBM.

• CSC posts 3Q profits in line with estimates>