Perot Systems Profit Rises
Jul. 30, 2002
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PLANO, Texas (AP) _ Perot Systems Corp. said Tuesday that its profit rose 22 percent based on higher revenue for its technology services.
The Plano-based company said its net income was $20.2 million, or 17 cents a share, compared to $16.5 million, or 15 cents a share, a year ago.
Analysts surveyed by Thomson First Call had expected the company to earn 18 cents a share.
Revenue rose 14 percent to $333.5 million from $291.3 million. The revenue figures included a one-time gain of $7.3 million that was offset by expenses and resulted in no change to earnings per share, the company said.
President and chief executive Ross Perot Jr. said the company achieved record revenue despite a deteriorating market for consulting services. Customers are still delaying large contracts, he said.
The company said it expected to earn 16 cents to 18 cents a share in the third quarter, excluding possible costs related to an investigation into whether Perot Systems helped energy companies manipulate California's energy market. Those costs were $3.5 million in the second quarter.
Analysts expect Perot Systems to earn 18 cents a share in the third quarter. The company predicted revenue of $333 million to $345 million in the period.
For the full year, Perot Systems said it would earn 67 cents to 72 cents per share, barely touching the 72-cent target set by analysts.
In trading Tuesday, Perot Systems shares rose 36 cents to close at $11.89 in trading on the New York Stock Exchange. The company's have fallen 42 percent this year.
On the Net:
Company site: www.perotsystems.com