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EDS exceeds Q1 expectations by a penny

IT services provider Electronic Data Systems (EDS) slightly exceeded analysts' expectations for its first fiscal quarter, despite...

IT services provider Electronic Data Systems (EDS) slightly exceeded analysts' expectations for its first fiscal quarter, despite what it called a "challenging" environment in the economy and the IT services market.

EDS had net income of $354m (£244m), or $0.72 per share, the company said, surpassing by one cent the consensus expectation from analysts polled by Thomson Financial/First Call. This compared with net income of $446m, or $0.93 per share, in last year's first fiscal quarter.

The company's first-quarter revenue rose 7% from a year earlier, to $5.34bn (£3.69bn), much lower than EDS' expectation of 13% revenue growth.

EDS said its net income in last year's first fiscal quarter included several one-time gains and the cumulative effect of a changed accounting practice. Excluding those gains, net income in last year's first fiscal quarter was $301m, or $0.63 per share.

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