EDS exceeds Q1 expectations by a penny

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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