2nd UPDATE: Capgemini 3Q Revenue -7.1%; Lowers Revenue Targets
2009年11月5日 - 8:33PM
Dow Jones News
French IT-services group Capgemini SA (CAP.FR) Thursday reported
third-quarter revenue fell a worse-than-expected 7.1%, as most
businessescontinued to suffer from the economic downturn, and it
revised down its full-year and second half revenue guidance.
But Paris-based Capgemini, Europe's largest computer services
company, said it still expects its margin on earnings before
interest and tax, or EBIT, to be around 7% this year due to tight
cost controls.
Still, at 1051 GMT shares were trading down 3.9% to EUR31.23
after having gained about 14% since the start of the year, as
investors were disappointed with the lower sales guidance.
Capgemini said it expects fourth-quarter revenue to fall about
9% on a like-for-like basis, as it did in the third quarter. This
was the first time the company specifically guided on the fourth
quarter.
Chief Executive Paul Hermelin said that for the full year
Capgemini expects organic sales, which strip out acquisitions,
disposals, and currency movements, to fall 5.5% from a year
earlier, while it expects second-half revenue to drop around
9%.
The company previously forecast full-year organic sales would
decline 3%-4%, with the second half down 4%-6%.
The cut in full-year and second-half revenue guidance represents
a "significant miss," said WestLB analyst Jonathan Crozier. WestLB
has a neutral rating on Capgemini.
Hermelin also cautioned it is too soon to forecast revenue for
all 2010., but said he expects the company to slow its revenue
decline over the next year with a return to growth for the fourth
quarter.
"Although there are signs that activity is stabilizing and even
picking up in some market segments, benefits are not expected to
filter through immediately," the company said in a statement.
Reported third quarter sales of EUR1.95 billion were below an
average EUR2.02 billion forecast by six analysts polled by Dow
Jones Newswires, hit by an average 12.5% like-for-like decline in
consulting, technology and local professional services.
The IT services sector has been hard hit by the economic crisis
as companies have scaled back on new projects, which has in
particular hit consulting activities.
Still, demand for outsourcing has grown as companies use
outsourcing projects to save money in the downturn.
Indeed, Capgemini said outsourcing services remained a
"stabilizing force" despite posting a 2.7% organic revenue decline
in the third quarter due to the loss of its contract with U.S.
energy company TXU Corp. (TXU).
Wednesday, U.K.-based rival Logica PLC (LOG.LN) posted higher
revenue and orders for the third quarter as it secured more
outsourcing work.
Capgemini's bookings for outsourcing services rose 7% from last
year in the quarter, while bookings in the other three businesses
declined an average 8%, Hermelin said in a conference call. Total
bookings in the three months to Sept. 30 declined 3% to EUR1.98
billion.
The company, which also competes with French rival Atos Origin
(ATO.FR) and whose customers include banks such as HSBC Holdings
PLC (HBC) and carmakers like BMW AG (BMW.XE), said it is
positioning itself for the emerging economic upturn, and will
launch five comprehensive service offerings between now and March
2010. "The offerings focus on high-growth markets, such as those
targeted by Business Information Management," it said.
-By A.H. Mooradian and Ruth Bender, Dow Jones Newswires; +33 1
40 17 17 54; art.mooradian@dowjones.com ,
ruth.bender@dowjones.com
Capgemini (PK) (USOTC:CGEMY)
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