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EDS nigh-on doubles profits

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Outsourcing firm EDS reported a hike in profits on Wednesday evening, almost doubling its take from the same period in 2005.

The fourth quarter of 2006 saw the firm rake in revenues of $5.7bn, up seven per cent like-for-like on a year earlier. On a GAAP basis that netted EDS $217m, or $0.40 per share in profit, compared to $112m, or $0.21 per share, for Q4 2005.

The European, Middle East and Asian tentacle was responsible for $1.71bn in sales, up 10 per cent like-for-like on its contribution a year ago.

For the full year, EDS coined $470m in profit on revenues of $21.3bn. Revenue in 2005 was not much less at $19.8bn, but the firm was less profitable then, making just $150m for investors. Stock in the firm rose four per cent in after hours trading.

EDS' report is here. ®

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