DXC Technology, a global IT services company, has reported its financial results for the second quarter of fiscal year 2024. The company’s revenues for the quarter were $3.44 billion, a decrease of 3.6% compared to the same period last year. Diluted earnings per share were $0.49, an improvement from $0.12 in the prior year quarter. DXC Technology also reported a book-to-bill ratio of 0.81x and a trailing twelve-month book-to-bill of 1.02x. The company returned $214 million to shareholders through share buybacks in the quarter, reducing the number of outstanding shares by 4.9%. DXC Technology remains on track to complete its $1 billion share repurchase program in fiscal year 2024.
Mike Salvino, Chairman, President, and CEO of DXC Technology, expressed satisfaction with the company’s Q2 financial performance. He highlighted the benefits of their new operating model and the positive progress made in revenue growth, margin expansion, EPS, and free cash flow. Salvino emphasized the importance of having the right model and leaders in place to consistently deliver on their financial goals.
In terms of segment performance, the GBS segment reported revenue of $1.71 billion, a slight decrease of 0.2% compared to the prior year period. However, on an organic basis, the segment experienced a growth of 2.4%. The GIS segment, on the other hand, saw a decline in revenue of 6.8% compared to the prior year period, and a decline of 9.1% on an organic basis.
DXC Technology also provided guidance for the third quarter and full fiscal year 2024. However, the company did not provide a reconciliation of Non-GAAP measures due to the unavailability of certain significant information.
In conclusion, DXC Technology’s Q2 financial results showed a decrease in revenues but an improvement in earnings per share. The company remains focused on its financial goals and is confident in its new operating model and leadership team to drive consistent growth and improve financial performance.
+ There are no comments
Add yours