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CSC has profit spike on declining revenue

Fallschurch, Va.: IT services group CSC reported a jump in net income of 279 percent to $159 million in its first fiscal quarter of 2014, on a 10 percent fall in revenue to $3.26 billion. In the three months to June 28, Global Business Services, which includes CSC's consulting operations, saw revenue down from $1.28 billion to $1.08 billion. "We are encouraged with the pace of our turnaround. Our cost takeout actions are driving margin expansion and earnings growth," said Mike Lawrie, president and CEO , and he increased the firm's full year earnings target.

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