Computer Sciences Corp. (NYSE: CSC) — one of 30 companies listed in Executive Mosaic’s GovCon Index — has scheduled Nov. 27 as the date it expects to complete the spinoff of the company’s North American public sector business, CSC said Wednesday.
The technology services company also has set Nov. 30 for the closure of that sector’s merger with Fairfax, Va.-based government services contractor SRA International and the combined company will operate under the name of “CSRA.”
CSRA will start trading on the New York Stock Exchange Nov. 30, CSC said.
The North American public sector business posted $967 million in sales for the second quarter of CSC’s 2016 fiscal year to register a 7.11-percent decline from the same period in the prior fiscal year.
CSC attributed the sales figures to program completions and changes in task order awards.
Falls Church, Va.-based CSC also reported second quarter earnings of $1.26 per share, 12 cents above the consensus Wall Street estimate and 6 cents below the prior year figure.
Revenue declined 12.01 percent year-over-year to $2.71 billion versus analysts’ forecasts of $2.78 billion.
Shares in CSC are up 7.91 percent since the year’s start and are up 13 percent over 12 months.