Computer Sciences Corporation announced preliminary unaudited consolidated earnings results for the third quarter and nine months ended December 27, 2013. For the quarter, revenues were $3,228 million against $3,536 million a year ago. Income from continuing operations before tax was $221 million against $144 million a year ago. Income from continuing operations was $151 million or $0.98 per diluted share against $114 million or $0.71 per diluted a year ago. Net income attributable to company's common stockholders was $141 million or $0.94 per diluted against $510 million or $3.27 per diluted a year ago. Net cash provided by operating activities was $529 million against $413 million a year ago. Free cash flow was $324 million against $245 million a year ago. CapEx and capital lease payments were $221 million in the quarter.

For the nine months, revenues were $9,669 million against $10,692 million a year ago. Income from continuing operations before tax was $648 million against $346 million a year ago. Income from continuing operations was $442 million or $2.83 per diluted share against $251 million or $1.52 per diluted a year ago. Net income attributable to company's common stockholders was $500 million or $3.31 per diluted against $680 million or $4.36 per diluted a year ago. Net cash provided by operating activities was $1,012 million against $1,078 million a year ago. Purchases of property and equipment were $287 million against $310 million a year ago. Software purchased and developed was $142 million against $121 million a year ago. Free cash flow was $401 million against $457 million a year ago. CapEx and capital lease payments were $658 million year-to-date.

For fiscal year 2014, the company increasing EPS target from a range of $3.50 to $3.70 to $3.80 to $3.90. The company assumes effective tax rate of 32%. The company is targeting mid-single-digit decline in revenue for the full year, with commercial revenues slightly down for the year, but up year-over-year as exit fiscal year. The company is also targeting NPS revenue to be down by low double digit for the full year. The target for free cash flow for the year is approximately $600 million.