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UPDATE 1-Computer Sciences first quarter profit rises

Tue Aug 5, 2008 5:04pm EDT

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(Adds forecast for current quarter, analyst expectations, stock price)

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SAN FRANCISCO, Aug 5 (Reuters) - Technology services provider Computer Sciences Corp (CSC.N) on Tuesday posted a higher quarterly profit versus a year ago, when the company had restructuring charges.

Computer Sciences said first fiscal quarter net income rose to $120.6 million, or 79 cents per share, from $108.1 million, or 61 cents per share, a year ago.

Revenue rose to $4.44 billion from $3.84 billion, aided, the company said, by double-digit growth in its business solutions and services and global outsourcing services businesses.

Chief Executive Michael Laphen said he expected future improvements in the company's growth, profitability and cash flow due to an improving mix in its services.

Computer Sciences earnings per share of 79 cents compared with analyst expectations of 76 cents per share, according to Reuters Estimates. Revenue was pegged at $4.29 billion.

Last year's earnings per share included about 19 cents in charges related to restructuring and an executive retirement agreement.

For the current, second quarter, Falls Church, Virginia-based Computer Sciences said it expects earnings per share of 70 cents to 80 cents and revenue in a range of $4.25 billion to $4.35 billion.

For its full fiscal year, Computer Sciences said it continues to expect revenue excluding any acquisitions to rise 6 percent to 8 percent from fiscal 2008 and earnings per share to be in a range of $4.20 to $4.40.

Analysts expect a per-share profit for fiscal 2009 of $4.29, according to Reuters Estimates.

Shares of the company rose $1.16, or 2.5 percent, to close at $47.79. The stock was unchanged in extended trade. (Reporting by Duncan Martell; editing by Carol Bishopric)



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