Computer Sciences Corporation (CSC) has swum against the financial tide by reporting a 14 percent increase in revenue, along with an increase in net income in its third quarter. In its quarterly earnings call, the company reported $4.16 billion in revenue, up from $3.6 billion in the the same period last year. Net income stood at $179 million, up from $113.5 million in the same period last year.

As with some other companies in the services space, restructuring has played a role in its recent performance. The current quarter included $9.9 million after tax of special charges related to the company's restructuring programme.

CSC's revenue growth was led by its commercial sector, the company said.

For the first three quarters of the financial year, the company reported $12 billion in revenue, up roughly $1.2 billion year on year. The company also reported $362.9 million net income in the first nine months of the fiscal year, up from $143.1 million last year.

This is a period of change for the El Segundo-based company, which announced in January that it would be shifting the majority of its operations to Falls Church, Virginia. President and CEO Michael W. Laphen said of the move, “The co-location of key corporate staff functions including finance with CSC’s global operating headquarters in Falls Church will improve both communications and performance. Don Debuck has been appointed interim CFO while we conduct an evaluation of CFO candidates.”

Of the company's positive results, Laphen said: “The key performance metrics of profitability, revenue, cash and bookings were all solid. As our operating results indicate, our core business profitability continues to reflect a favorable trend.

"Our earnings per share before special items was strong, with a 31% increase over the year ago quarter and well above our guidance. Operating performance improved about 60 basis points in the third quarter over last year on an EBIT basis, excluding special items. <"CSC’s total revenue for the quarter as reported was up over 14%," said Laphen, who added: "Europe provided a meaningful part of this growth, reporting revenue up over 20%.

Of the company's finances compared with its strategy moving forward, Laphen said: “An integral key element of our strategic plan is to achieve market growth through the applications of business solutions within our six industry sectors. During the third quarter all six industry sectors had substantial revenue growth, with five of the six delivering double-digit growth."