- Diluted Earnings per Share from
Continuing Operations of $1.19
- Non-GAAP Diluted Earnings per Share
from Continuing Operations of $1.26, up 7% YoY
- Income from Continuing Operations
Before Taxes of $176 Million
- Operating Income, adjusted for
certain items, of $331 Million and Operating Income Margin on the
same basis of 12.2%, up 90 basis points YoY
- Year-to-date Net Cash Provided by
Operating Activities of $441 Million
- Year-to-date Free Cash Flow of $170
Million, up $69 Million YoY
- FY16 Non-GAAP EPS from Continuing
Operations Target Remains $4.75 to $5.05
CSC (NYSE: CSC) today reported results for the second quarter of
fiscal year 2016.
“Second quarter results were in-line with our expectations,"
said Mike Lawrie, president and CEO. “Profitability again improved
year-over-year in our commercial business and remained strong in
our public sector business, and we delivered improved cash flow.
During the quarter, we also completed the acquisitions of Fixnetix
and Fruition Partners, which are consistent with our strategy of
shifting our revenue mix to applications, consulting, and
next-generation offerings with better growth, profitability, and
cash flow. Finally, we remain on track to complete the separation
of our U.S. public sector business, pay the $10.50 per share
special dividend to shareholders, and complete the merger of our
public sector business with SRA.”
Financial Highlights
- Diluted earnings per share from
continuing operations were $1.19 in the second quarter and included
($0.30) per share in separation, merger, and other transaction
costs, ($0.01) per share in SEC settlement-related items, ($0.14)
per share in real estate restructuring charges, and $0.38 per share
from a tax valuation allowance benefit. Excluding these items,
non-GAAP diluted earnings per share from continuing operations were
$1.26, up 7 percent when compared with $1.18 in the second quarter
of fiscal 2015.
- Income from continuing operations
before taxes was $176 million. Excluding the impact of certain
items, non-GAAP income from continuing operations before taxes was
$247 million compared with $245 million a year ago.
- Operating income was $308 million.
Operating income, adjusted for certain items, was $331 million and
compares with $349 million in the prior year. Operating margin on
the same basis was 12.2 percent, up from 11.3 percent in the prior
year.
- Income from continuing operations was
$173 million for the second quarter. Excluding the impact of the
items discussed above, non-GAAP income from continuing operations
was $183 million, compared with $177 million in the prior
year.
- Earnings before interest and taxes
(EBIT) was $204 million and included $48 million in separation,
merger, and other transaction costs, $2 million in SEC
settlement-related items, and $21 million in real estate
restructuring charges. Adjusting for these items, EBIT was $275
million, and compares with $276 million in the second quarter of
fiscal 2015, and EBIT margin was 10.1 percent, up from 9.0 percent
in the prior year.
- Year-to-date, net cash provided by
operating activities was $441 million compared with $490 million in
the prior year.
- Year-to-date, free cash flow was $170
million compared with $101 million in the prior year, an increase
of $69 million.
Global Business Services
GBS revenue of $891 million in the quarter compares with $1,003
million in the year ago quarter, a decline of 3.7 percent
year-over-year in constant currency. The GBS revenue decline was
driven by the ongoing repositioning of our consulting business and
contract completions in our applications business. GBS operating
margin, excluding the impact of certain items, was 12.8 percent,
down slightly from 13.0 percent a year ago. New business awards for
GBS were $0.7 billion in the second quarter.
Global Infrastructure Services
GIS revenue of $854 million in the quarter compares with $1,036
million in the year-ago quarter, a decline of 10.8 percent
year-over-year in constant currency. The GIS revenue decline was
driven by the impact of restructured contracts, other contract
completions, and price-downs, which more than offset growth in
next-generation offerings. GIS operating margin, excluding the
impact of certain items, was 8.5 percent, up from 6.6 percent a
year ago. New business awards for GIS were $0.7 billion in the
quarter.
North American Public Sector
NPS revenue was $967 million in the second quarter, a decrease
of 7.1 percent when compared with $1,041 million in the second
quarter of fiscal 2015. The NPS revenue decline was driven by
program completions and changes in task orders, which more than
offset new work across all parts of the business. NPS operating
margin, excluding the impact of certain items, was 16.6 percent, up
from 15.4 percent in the prior year. New business awards for NPS
were $1.5 billion in the quarter.
Returning Capital to Shareholders and Separation
Update
During the second quarter, CSC returned $32 million to
shareholders in common stock dividends. Separately, CSC today
announced that its Board of Directors has approved proceeding with
the previously announced separation of its U.S. public sector
business under a new name, CSRA Inc., as well as the declaration of
a special cash distribution of $10.50 in the aggregate per CSC
share. The separation will occur through a one-for-one pro rata
distribution of all CSRA shares to CSC stockholders on November 27,
2015 after market close.
CSC had 138,472,660 basic shares outstanding on October 2,
2015.
Earnings Conference Call and Webcast
CSC senior management will host a conference call and webcast at
5 p.m. ET today. The dial-in number for domestic callers is
800-218-2154. Callers who reside outside of the United States or
Canada should dial 913-312-0963. The passcode for all participants
is 8931468. The webcast audio and any presentation slides will be
available on CSC’s Investor Relations website.
A replay of the conference call will be available from
approximately two hours after the conclusion of the call until
November 11, 2015. The replay dial-in number is 888-203-1112 for
domestic callers and 719-457-0820 for callers who reside outside of
the United States and Canada. The replay passcode is also 8931468.
A replay of this webcast will also be available on CSC’s
website.
Investor Day Webcast
CSC will host an Investor Day tomorrow, November 5, 2015, in New
York, with presentations beginning at approximately 9:30 a.m. ET.
An audio webcast of the Investor Day and any presentation slides
will be available on CSC’s Investor Relations website. The dial-in
number for domestic callers is 877 790-0014. Callers who reside
outside of the United States or Canada should dial 706 634-5163.
The Conference Identification number for all participants is
75987678.
Non-GAAP Measures
In an effort to provide investors with additional information
regarding the Company’s preliminary and unaudited results as
determined by U.S. generally accepted accounting principles (GAAP),
the Company has also disclosed in this press release preliminary
non-GAAP information, and certain further adjustments thereto,
which management believes provides useful information to investors,
including: operating income, adjusted operating income, earnings
before interest and taxes (EBIT), adjusted EBIT, free cash flow,
and non-GAAP results including non-GAAP income (loss) from
continuing operations and non-GAAP diluted earnings (loss) per
share from continuing operations. Reconciliations of the
preliminary non-GAAP measures to the respective and most directly
comparable GAAP measures, as well as the rationale for management’s
use of non-GAAP measures, are included below.
About CSC
Computer Sciences Corporation (CSC) is a global leader of next
generation information technology (IT) services and solutions. The
Company's mission is to enable superior returns on our clients’
technology investments through best-in-class industry solutions,
domain expertise and global scale. CSC has approximately 70,000
employees and reported revenue of $11.3 billion for the 12 months
ended October 2, 2015. For more information, visit the company's
website at www.csc.com.
All statements in this press release and in all future press
releases that do not directly and exclusively relate to historical
facts constitute “forward-looking statements.” These statements
represent the Company’s intentions, plans, expectations and
beliefs, and are subject to risks, uncertainties and other factors,
many of which are outside the Company’s control. These factors
could cause actual results to differ materially from such
forward-looking statements. For a written description of these
factors, see the section titled “Risk Factors” in CSC’s Form 10-K
for the fiscal year ended April 3, 2015 and any updating
information in subsequent SEC filings. The Company disclaims any
intention or obligation to update these forward-looking statements
whether as a result of subsequent event or otherwise, except as
required by law.
Business
Segment Revenues, Operating Income and Operating Margins
(preliminary and unaudited)
Revenues by
Segment
Quarter Ended (Amounts in millions)
October 2,2015
October 3,2014
% Change
% Change
inConstantCurrency
Global Business Services $ 891 $ 1,003 (11.2 )% (3.7 )% Global
Infrastructure Services 854 1,036 (17.6 ) (10.8 ) North American
Public Sector 967 1,041 (7.1 ) (7.1 ) Total Revenues
$ 2,712 $ 3,080 (11.9 )% (7.2 )%
Six
Months Ended (Amounts in millions)
October 2,2015
October 3,2014
% Change
% Change
atConstantCurrency
Global Business Services $ 1,810 $ 2,091 (13.4 )% (5.7 )% Global
Infrastructure Services 1,739 2,167 (19.8 ) (13.2 ) North American
Public Sector 1,924 2,059 (6.6 ) (6.6 ) Total
Revenues $ 5,473 $ 6,317 (13.4 )% (8.5 )%
Operating Income
and Operating Margins by Segment
Quarter Ended October 2, 2015
October 3, 2014 (Amounts in millions)
OperatingIncome
OperatingMargin
OperatingIncome
OperatingMargin
Global Business Services $ 101 11.3 % $ 130 13.0 % Global
Infrastructure Services 64 7.5 68 6.6 North American Public Sector
160 16.5 160 15.4 Corporate (17 ) — (9 ) — Total Operating Income $
308 11.4 % $ 349 11.3 %
Six Months
Ended October 2, 2015 October 3, 2014 (Amounts
in millions)
OperatingIncome
OperatingMargin
OperatingIncome
OperatingMargin
Global Business Services $ 198 10.9 % $ 238 11.4 % Global
Infrastructure Services 117 6.7 % 139 6.4 % North American Public
Sector 296 15.4 % 311 15.1 % Corporate & Eliminations (5 ) —
(35 ) — Total Operating Income $ 606 11.1 % $ 653
10.3 %
Consolidated Condensed Statements of
Operations
(preliminary and unaudited)
Quarter Ended Six Months
Ended (Amounts in millions, except per-share amounts)
October 2,2015
October 3,2014
October 2,2015
October 3,2014
Revenues $ 2,712 $ 3,080 $ 5,473 $
6,317 Costs of services (excludes depreciation and
amortization and restructuring costs) 1,970 2,207 3,996 4,571
Selling, general and administrative (excludes restructuring costs)
286 346 570 690 Depreciation and amortization 203 252 410 524
Restructuring costs 6 (7 ) 6 3 Separation and merger costs 46 — 64
— Interest expense 35 36 70 75 Interest income (7 ) (5 ) (18 ) (10
) Other (income) expense, net (3 ) 6 (29 ) 5 Total
costs and expenses 2,536 2,835 5,069 5,858
Income from continuing operations, before taxes 176
245 404 459 Income tax (benefit) expense 3 68 67
123 Income from continuing operations 173 177 337 336
Loss from discontinued operations, net of taxes — (21 ) —
(29 ) Net income 173 156 337 307 Less: net income
attributable to noncontrolling interest, net of tax 6 5
10 10 Net income attributable to CSC common
stockholders $ 167 $ 151 $ 327 $ 297
Earnings (loss) per common share Basic: Continuing
operations $ 1.21 $ 1.20 $ 2.37 $ 2.26 Discontinued operations —
(0.15 ) — (0.20 ) $ 1.21 $ 1.05 $ 2.37
$ 2.06 Diluted: Continuing operations $ 1.19 $ 1.18 $
2.32 $ 2.22 Discontinued operations — (0.14 ) — (0.20
) $ 1.19 $ 1.04 $ 2.32 $ 2.02
Cash dividend per common share $ 0.23 $ 0.23 $ 0.46 $ 0.46
Weighted average common shares outstanding for: Basic EPS 138.295
143.279 138.106 144.346 Diluted EPS 140.532 145.596 140.699 147.155
Selected Balance Sheet Data
(preliminary and unaudited)
As of (Amounts in millions) October 2,
2015 April 3, 2015 Assets Cash and
cash equivalents $ 1,818 $ 2,098 Receivables, net 2,127 2,369
Prepaid expenses and other current assets 500 438 Total
current assets 4,445 4,905 Property and equipment,
net 1,519 1,583 Software, net 774 751 Outsourcing contract costs,
net 338 326 Goodwill 1,842 1,671 Other assets 1,095 965
Total Assets $ 10,013 $ 10,201 Liabilities Short-term
debt and current maturities of long-term debt $ 894 $ 904 Accounts
payable 436 422 Accrued payroll and related costs 377 356 Accrued
expenses and other current liabilities 1,028 1,239 Deferred revenue
and advance contract payments 587 618 Income taxes payable and
deferred income taxes 55 62 Total current liabilities 3,377
3,601 Long-term debt, net of current maturities 1,716
1,765 Income tax liabilities and deferred income taxes 451 412
Other long-term liabilities 1,423 1,474 Total Equity 3,046
2,949 Total Liabilities and Equity $ 10,013 $
10,201
Consolidated Condensed Statements of Cash
Flows
(preliminary and unaudited)
Six Months Ended (Amounts in millions)
October 2,2015
October 3,2014
Cash flows from operating activities: Net income $ 337 $ 307
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization 410 524
Stock-based compensation 7 35 Net gain on dispositions of
businesses and assets (55 ) (13 ) Excess tax benefit from stock
based compensation (16 ) (12 ) Other non cash charges, net 19 21
Changes in assets and liabilities, net of effects of acquisitions
and dispositions: Decrease (increase) in assets 176 (32 ) Decrease
in liabilities (437 ) (340 ) Net cash provided by operating
activities 441 490 Cash flows from investing
activities: Purchases of property and equipment (184 ) (201 )
Payments for outsourcing contract costs (53 ) (28 ) Software
purchased and developed (104 ) (104 ) Payments for acquisitions,
net of cash acquired (236 ) (35 ) Business dispositions 34 (13 )
Proceeds from sale of assets 50 70 Other investing activities, net
12 13 Net cash used in investing activities (481 )
(298 ) Cash flows from financing activities: Borrowings of
commercial paper 299 — Payments of commercial paper (84 ) —
Borrowings under lines of credit 1,310 — Repayment of borrowings
under lines of credit (1,150 ) (32 ) Principal payments on
long-term debt (461 ) (139 ) Proceeds from stock options and other
common stock transactions 45 125 Excess tax benefit from
stock-based compensation 16 12 Repurchase of common stock (118 )
(559 ) Dividend payments (64 ) (63 ) Other financing activities,
net (6 ) — Net cash used in financing activities (213 ) (656
) Effect of exchange rate changes on cash and cash equivalents (27
) (56 ) Net decrease in cash and cash equivalents (280 ) (520 )
Cash and cash equivalents at beginning of year 2,098 2,443
Cash and cash equivalents at end of period $ 1,818 $
1,923
Non-GAAP Financial Measures
The following tables reconcile non-GAAP financial measures of
operating income, earnings before interest and taxes (EBIT),
adjusted EBIT, and free cash flow, to the respective most directly
comparable financial measure calculated and presented in accordance
with GAAP. Also presented below are the Company's non-GAAP results,
which exclude certain items that management believes are not
indicative of the Company's operating performance. CSC management
believes that these non-GAAP financial measures provide useful
information to investors regarding the Company's financial
condition and results of operations as they provide another measure
of the Company's profitability and ability to service its debt, and
are considered important measures by financial analysts covering
CSC and its peers.
Management uses operating income to evaluate financial
performance and it is one of the measures used in assessing
management performance. One of the limitations associated with the
use of operating income (as compared to reported earnings) is that
it does not reflect the complete financial results of the Company.
CSC compensates for these limitations by providing a reconciliation
between operating income and income from continuing operations,
before taxes. Management uses free cash flow as one of the factors
in reviewing the overall performance of the business. Management
compensates for the limitations of this non-GAAP measure by also
reviewing the GAAP measures of operating, investing and financing
cash flows.
Management uses non-GAAP income from continuing operations and
non-GAAP EPS to evaluate the Company's results, excluding the
impact of items that management believes are not indicative of the
Company's operating performance. CSC compensates for the
limitations of these non-GAAP measures by providing a
reconciliation from non-GAAP results to reported results.
GAAP Reconciliations
Operating Income
and Adjusted Operating Income
(preliminary and unaudited) CSC defines operating income as
revenue less costs of services, depreciation and amortization
expense, restructuring costs and segment selling, general and
administrative (SG&A) expense. Operating Income, as defined by
CSC, excludes corporate G&A, actuarial and settlement charges
related to CSC's pension and other post-employment benefit (OPEB)
plans, and separation and merger costs. Operating margin is defined
as operating income as a percentage of revenue. Adjusted
operating income is computed by excluding from operating income the
impact of the second quarter fiscal 2016 real estate restructuring
charge and transaction costs associated with fiscal 2016
acquisitions. A reconciliation of consolidated operating
income to income from continuing operations, before taxes is as
follows:
Quarter Ended
Six Months Ended (Amounts in millions)
October 2,2015
October 3,2014
October 2,2015
October 3,2014
Adjusted Operating income $ 331 $ 349 $ 629 $ 653 Real estate
restructuring charge (21 ) — (21 ) — Transaction costs (2 ) —
(2 ) — Operating income $ 308 $ 349 $ 606 $ 653
Corporate G&A (61 ) (67 ) (115 ) (123 ) Pension & OPEB
actuarial & settlement losses — — — (1 ) Separation and merger
costs (46 ) — (64 ) — Interest expense (35 ) (36 ) (70 ) (75 )
Interest income 7 5 18 10 Other income, net 3 (6 ) 29
(5 ) Income from continuing operations before taxes $ 176 $
245 $ 404 $ 459 Adjusted Operating
margin 12.2 % 11.3 % 11.5 % 10.3 % Operating margin 11.4 % 11.3 %
11.1 % 10.3 %
Earnings Before
Interest and Taxes and Adjusted Earnings Before Interest and
Taxes
(preliminary and unaudited) Earnings before interest and
taxes (EBIT) is defined as income from continuing operations less
interest expense, interest income and income tax expense. EBIT
margin is defined as EBIT as a percentage of revenue.
Adjusted EBIT is computed by excluding from EBIT the impact of
certain items in the second quarter and first six months of fiscal
2016, including separation, merger, and other transaction costs,
the gain on a business divestiture, SEC settlement-related items,
and the real estate restructuring charge. Adjusted EBIT margin is
computed as adjusted EBIT as a percentage of revenue. A
reconciliation of adjusted EBIT and EBIT to income from continuing
operations is as follows:
Quarter
Ended Six Months Ended (Amounts in millions)
October 2, 2015
October 3, 2014
October 2, 2015
October 3, 2014
Adjusted EBIT $ 275 $ 276 $ 520 $ 524 Separation, merger,
& other transaction costs (48 ) — (66 ) — Gain on business
divestiture — — 22 — SEC settlement-related items (2 ) — 1 — Real
estate restructuring charge (21 ) — (21 ) — EBIT 204
276 456 524 Interest expense (35 ) (36 ) (70 ) (75 ) Interest
income 7 5 18 10 Income tax expense (3 ) (68 ) (67 ) (123 ) Income
from continuing operations $ 173 $ 177 $ 337 $
336 Adjusted EBIT margin 10.1 % 9.0 % 9.5 % 8.3 %
EBIT margin 7.5 % 9.0 % 8.3 % 8.3 %
Free Cash
Flow
(preliminary and unaudited) CSC defines free cash flow as
equal to the sum of (1) operating cash flows, (2) investing cash
flows, excluding business acquisitions, dispositions and
investments (including short-term investments and purchase or sale
of available for sale securities), and (3) payments on capital
leases and other long-term asset financings. Free cash flow
is further adjusted for certain non-recurring cash flow items, such
as (i) payments related to separation, merger, and transaction
costs related to fiscal 2016 acquisitions, (ii) payments related to
the fiscal 2015 fourth quarter special restructuring, (iii) SEC
settlement-related payments, and (iv) benefit from the sale of NPS
accounts receivables. A reconciliation of free cash flow to
the most directly comparable GAAP financial measures is as follows:
Quarter Ended Six Months
Ended (Amounts in millions)
October 2, 2015
October 3, 2014
October 2, 2015
October 3, 2014
Net cash provided by operating activities $ 117 $ 217 $ 441 $ 490
Net cash used in investing activities (397 ) (184 ) (481 ) (298 )
Acquisitions, net of cash acquired 236 35 236 35 Business
dispositions — 18 (34 ) 13 Payments on capital leases and other
long-term asset financings (42 ) (55 ) (111 ) (139 ) Payments of
separation, merger, and other transaction costs 49 — 57 — Payments
of special restructuring costs 32 — 51 — SEC settlement-related
payments 1 — 187 — Sale of NPS accounts receivables 57
(176 ) — Free cash flow $ 53 $ 31 $ 170
$ 101
Adjusted Segment
Operating Income and Operating Margin
(preliminary and unaudited) Adjusted operating income is
computed by excluding from operating income, the impact of the
second quarter fiscal 2016 real estate restructuring charge and the
transaction costs associated with fiscal 2016 acquisitions.
Reconciliations of adjusted operating income to operating income,
for the quarter and six months ended October 2, 2015, are as
follows:
Quarter Ended October 2, 2015
(Amounts in millions)
Operating income
Real estate restructuring
charge
Transaction costs
Adjusted operating
income
Adjusted operating
margin
Global Business Solutions $ 101 $ 12 $ 1 $ 114 12.8 % Global
Infrastructure Services 64 8 1 73 8.5 North American Public Sector
160 1 — 161 16.6 Corporate (17 ) — — (17 )
Total $ 308 $ 21 $ 2 $ 331 12.2 %
Six Months Ended October 2, 2015 (Amounts in
millions)
Operating income
Real estate restructuring
charge
Transaction costs
Adjusted operating
income
Adjusted operating
margin
Global Business Solutions $ 198 $ 12 $ 1 $ 211 11.7 % Global
Infrastructure Services 117 8 1 126 7.2 North American Public
Sector 296 1 — 297 15.4 Corporate (5 ) — — (5 )
Total $ 606 $ 21 $ 2 $ 629 11.5
%
Non-GAAP
Results
(preliminary and unaudited) Non-GAAP results are financial
measures calculated by excluding certain items, which management
believes are not indicative of the Company's operating performance.
A reconciliation of select non-GAAP results to reported results is
as follows:
Quarter ended October 2, 2015
(Amounts in millions, except per-share amounts)
As reported
Separation, merger, &
other transaction costs
SEC
settlement-related items
Real estate restructuring
charge
Tax valuation
allowance benefit
Non-GAAP results
Costs of services (excludes depreciation and amortization and
restructuring costs) $ 1,970 $ — $ — $ —
$ — $ 1,970 Selling, general and
administrative (excludes restructuring costs) $ 286 $ (2 ) $
(2 ) $ — $ — $ 282 Income (loss) from
continuing operations, before taxes $ 176 $ (48 ) $ (2 ) $ (21 ) $
— $ 247 Income tax expense (benefit) 3 (6 ) — (2 )
(53 ) 64 Income (loss) from continuing operations $ 173
$ (42 ) $ (2 ) $ (19 ) $ 53 $ 183 Net
income (loss) $ 173 $ (42 ) $ (2 ) $ (19 ) $ 53 $ 183 Less: net
income attributable to noncontrolling interest, net of tax 6
— — — — 6 Net income (loss)
attributable to CSC common stockholders $ 167 $ (42 ) $ (2 )
$ (19 ) $ 53 $ 177 Effective tax rate 1.7 %
26.0 % Basic EPS from continuing operations $ 1.21 $ (0.30 )
$ (0.01 ) $ (0.14 ) $ 0.38 $ 1.28 Diluted EPS from continuing
operations $ 1.19 $ (0.30 ) $ (0.01 ) $ (0.14 ) $ 0.38 $ 1.26
Weighted average common shares outstanding for: Basic EPS
138.295 138.295 138.295 138.295 138.295 138.295 Diluted EPS 140.532
140.532 140.532 140.532 140.532 140.532
Six months ended October 2, 2015 (Amounts in millions,
except per-share amounts)
As reported
Separation, merger, &
other transaction costs
Gain on business
divestiture
SEC
settlement-related items
Real estate restructuring
charge
Tax valuation
allowance benefit
Non-GAAP results
Costs of services (excludes depreciation and amortization and
restructuring costs) $ 3,996 $ — $ — $ —
$ — $ — $ 3,996 Selling, general
and administrative (excludes restructuring costs) $ 570 $ (2
) $ — $ 1 $ — $ — $ 569
Income (loss) from continuing operations, before taxes $ 404 $ (66
) $ 22 $ 1 $ (21 ) $ — $ 468 Income tax expense (benefit) 67
(13 ) 8 1 (2 ) (53 ) 126 Income (loss) from
continuing operations $ 337 $ (53 ) $ 14 $ —
$ (19 ) $ 53 $ 342 Net income (loss) $
337 $ (53 ) $ 14 $ — $ (19 ) $ 53 $ 342 Less: net income
attributable to noncontrolling interest, net of tax 10 —
— — — — 10 Net income
(loss) attributable to CSC common stockholders $ 327 $ (53 )
$ 14 $ — $ (19 ) $ 53 $ 332
Effective tax rate 16.6 % 26.9 % Basic EPS from continuing
operations $ 2.37 $ (0.38 ) $ 0.10 $ — $ (0.14 ) $ 0.38 $ 2.40
Diluted EPS from continuing operations $ 2.32 $ (0.38 ) $ 0.10 $ —
$ (0.14 ) $ 0.38 $ 2.36 Weighted average common shares
outstanding for: Basic EPS 138.106 138.106 138.106 138.106 138.106
138.106 138.106 Diluted EPS 140.699 140.699 140.699 140.699 140.699
140.699 140.699
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version on businesswire.com: http://www.businesswire.com/news/home/20151104006745/en/
CSCRichard Adamonis, Corporate Media
Relations862-228-3481radamonis@csc.comorNeil DeSilva, M&A and
Investor Relations703-641-3453neildesilva@csc.com
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