Perot Systems reported earnings of $28 million, or 24 cents a share, for its first quarter as the outsourcing company reported pressure on revenue and worker layoffs.
Earnings were up just slightly from a year ago when Perot (NYSE: PER) had earnings $28 million, or 23 cents per share.
Revenue was $621 million, down from $680 million from the first quarter of 2008. The company continued to see pressure on its revenue due to declines in contract renewals and decreases in project-based services.
Perot Systems said it is mitigating its lower project-based revenue with a layoff of 450 employees. The work force reduction is expected to save $30 million annually, once fully implementyed by the third quarter.
Perot said its earnings were in line with analysts' expectations, but its revenue was below expectations. For the second quarter, the company is expecting earnings per share of 23 to 25 cents.
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment