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EDS moves back into profit

Anthony Savvas

EDS returned to profitability in the first quarter by posting a modest $4m (£2.2m) net profit, after making a $12m loss for the same quarter last year.

The profit came after substantial restructuring by the IT services company, including job losses and discontinued operations.

Total sales were 5% down at £2.74bn, although EDS signed $7.1bn in new contracts in the first quarter versus $3.8bn a year ago.

These new contracts included a £2.13bn 10-year contract with the UK Ministry of Defence.

“In winning the Ministry of Defence contract we demonstrated our ability to leverage our ongoing investments in our Agile Enterprise Platform, the combined expertise of our alliance partners, and lessons learned on the [loss-making] Navy Marine Corps Intranet (NMCI) project,” said Bob Swan, chief financial officer.

 


 


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