Corporate NewsNews

DXC Technology Delivers Strong Fourth Quarter Results

  • Q4 earnings per share from continuing operations was $1.01, including the cumulative impact of certain items of $(1.18) per share, reflecting restructuring costs, transaction, separation and integration-related costs, amortization of acquired intangible assets, and pension and OPEB actuarial and settlement losses.
  • Q4 non-GAAP earnings per share was $2.19.
  • FY19 earnings per share from continuing operations was $4.35, including the cumulative impact of certain items of $(3.99).
  • FY19 non-GAAP earnings per share from continuing operations was $8.34.
  • Q4 net cash from operating activities was $748 million and FY19 net cash from operating activities was $1,783 million.
  • Q4 adjusted free cash flow was $917 million and FY19 adjusted free cash flow was $2,105 million.
  • FY19 capital returned to shareholders was $210 million in dividends and $1,339 million in share repurchases.

DXC Technology reported results for the three and twelve months ended March 31, 2019.

“DXC Technology closed out our fourth quarter, and our fiscal year, by delivering strong digital performance and sequential growth in revenue, bookings, and cash flow,” said Mike Lawrie, Chairman, President and CEO. “We continued to enhance our portfolio of digital offerings, and we are re-skilling current employees to equip them with new digital capabilities and certifications. We have also hired thousands of new employees with advanced digital skills, and added more through acquisitions, to further scale our digital workforce. Our acquisition of Luxoft is expected to be completed as planned by the end of June, and this will further strengthen DXC’s ability to design and deploy transformative digital solutions for clients at scale.”

Financial Highlights – Fourth Quarter Fiscal 2019

  •  Diluted earnings per share from continuing operations was $1.01 in the fourth quarter, including $(0.13) per share of restructuring costs, $(0.24) per share of transaction, separation and integration-related costs, $(0.37) per share of amortization of acquired intangible assets, and $(0.43) per share of pension and OPEB actuarial and settlement losses. This compares with $1.80 in the year ago period.
  • Non-GAAP diluted earnings per share from continuing operations was $2.19.
  • Revenue in the fourth quarter was $5,280 million compared with $5,584 million in the year ago period.
  • Income from continuing operations before income taxes was $354 million for the fourth quarter, including $(47) million of restructuring costs, $(96) million of transaction, separation and integration-related costs, $(138) million of amortization of acquired intangibles, and $(143) million of pension and OPEB actuarial and settlement losses. This compares with $588 million in the year ago period.
  • Non-GAAP income from continuing operations before income taxes was $778 million compared with $812 million in the year ago period.
  • Net income was $271 million for the fourth quarter, including $(35) million of restructuring costs, $(66) million of transaction, separation and integration-related costs, $(101) million of amortization of acquired intangibles, and $(116) million of pension and OPEB actuarial and settlement losses. This compares with $565 million in the prior year period.
  • Non-GAAP net income was $589 million.
  • Adjusted EBIT was $827 million in the fourth quarter compared with $882 million in the prior year. Adjusted EBIT margin was 15.7% compared with 15.8% in the year ago quarter.
  • Net cash provided by operating activities was $748 million in the fourth quarter, compared with $557 million in the year ago period.
  • Adjusted free cash flow was $917 million in the fourth quarter.

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