Computer Sciences Profit Rises 12% on Corporate Sales - Bloomberg
Computer Sciences Corp., the manager of networks for NASA and the U.S. Navy, said first-quarter profit increased 12 percent as companies farmed out work to cut costs. Net income rose to $120.6 million, or 79 cents a share, from $108.1 million, or 61 cents, a year earlier, the Falls Church, Virginia-based company said today in a statement. Analysts had estimated 76 cents on average, according to a Bloomberg survey. Chief Executive Officer Michael Laphen boosted sales by handling more outsourced jobs for businesses, which are seeking cheap labor as the U.S. economy slows. Computer Sciences bought five companies including Covansys Corp. in the past three years to provide more services in countries such as India. Sales of business services rose 39 percent to $1.18 billion, while revenue at the division handling outsourced work increased 12 percent to $1.79 billion. North American government sales climbed 5.1 percent to $1.49 billion, falling as a proportion of total revenue.