CSC Profit Tops Street; To Buy Fixnetix, Fruition Partners

(RTTNews) - Information technology services provider Computer Sciences Corp (CSC) on Tuesday reported first-quarter net earnings to common stockholders of $160 million or $1.14 per share, compared with $146 million or $0.98 per share last year.

Excluding items, adjusted earnings for the quarter were $1.11 per share, compared with $1.03 per share a year ago.

On average, 15 analysts polled by Thomson Reuters estimated earnings of $1.01 per share for the quarter. Analysts' estimates typically exclude special items.

CSC, based in Falls Church, Virginia, said its sales for the quarter fell 14.7 percent to $2.76 billion from $3.24 billion a year ago.

Thirteen analysts had a consensus sales estimate of $2.82 billion for the quarter.

Separately, CSC said it has agreed to buy Fixnetix, a provider of front-office managed trading solutions in capital markets.

CSC also agreed to buy Fruition Partners, a provider of technology-enabled solutions for the service-management sector and the largest ServiceNow-exclusive service management consulting firm.

The financial terms of both the deal were not disclosed.

CSC said the acquisition of Fixnetix will enable it to offer capital market clients an expanded range of as-a-service front office capabilities and will strengthen its ability to address growing client demand in trading, market data, and risk management, among others.

The purchase of Fruition Partners will help CSC to offer enterprise and emerging clients an expanded range of cloud-based service-management solutions to improve business efficiency and cut costs.

The closing of the Fixnetix deal is expected in the third quarter of 2015, and Fruition Partners in autumn 2015.