Computer-services company Electronic Data Systems Corp. has posted higher first quarter net income of USD 24 million, or 5 cents per share, compared with net income of USD 4 million, or 1 cent per share, in the year-ago period. However, analysts, on average, had expected net income of 8 cents a share, according to Reuters Estimates.
The company said its latest quarter earnings were hurt by after-tax losses of USD 9 million, or 1 cent a share for discontinued operations and USD 53 million pre-tax, or 7 cents a share for expensing of stock options and performance-based restricted stock units related to continuing operations.
The company’s revenue increased 10 percent to USD 5.08 billion, beating analysts forecast of USD 4.77 billion.
For the forthcoming second quarter EDS said it expects pro-forma profit of 12 cents to 17 cents a share, including the impact of stock-based compensation expense. It also forecast second-quarter revenue of USD 5.0 billion to .2 billion. The average analyst forecast was USD 5.05 billion, according to Reuters Estimates.
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