GAAP and Non-GAAP earnings per share were adversely impacted by investments and higher costs, a slower than anticipated ramp of our cost optimization efforts, unfavorable currency fluctuations, and higher than expected tax expense, partially offset by lower interest expense and share count. Excluding these items, Adjusted EBIT margin was 7.0% in the first quarter, a reduction of 100 bps as compared to the prior year quarter.ĭiluted earnings per share was $0.43 and Non-GAAP diluted earnings per share was $0.75 for the first quarter of fiscal year 2023.
Net income and EBIT in the quarter included the following items: amortization of acquired intangible assets of $104 million, restructuring costs of $33 million, gain on disposition of $29 million, a merger related indemnification charge of $10 million, and transaction, separation, and integration costs of $2 million. Net income was $103 million, or 2.8% of sales for the first quarter of fiscal year 2023, compared to $282 million, or 6.8% of sales, in the prior year quarter. First quarter revenues came in towards the bottom end of our previous guidance range, while organic revenue growth was slightly below the bottom end of our guidance range. Revenue was $3.71 billion for the first quarter of fiscal year 2023, down 10.5% as compared to prior year period, and down 2.6% on an organic basis. Our focus now is to accelerate our cost optimization to drive out $500 million in cost by year end, setting the company up for long term success.”įinancial Highlights - First Quarter of Fiscal Year 2023 I am pleased with the quality of company DXC has become with our stable debt, sound capital allocation strategy, focus on free cash flow generation, investment grade credit profile, improved governance, and our consistent growth in GBS. Mike Salvino, DXC Chairman, President and Chief Executive Officer commented: “Our transformation journey is creating value and we are confident that we are taking the right steps for DXC in the short term that will set us up for success in the long term. ASHBURN, Va., August 3, 2022 - DXC Technology (NYSE: DXC) today reported results for the first quarter of fiscal year 2023.
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