DXC Technology Stock Falls After Q4 Earnings, Names New CFO - DXC Technology (NYSE:DXC)

DXC Technology Co DXC reported a Q4 FY23 revenue decline of 10.4% Y/Y (-2.9% organically) to $3.59 billion, missing the consensus of $3.62 billion).
Revenues declined due to lower resale revenues and project revenues.
Segment-wise, revenues from Global Business Services fell 7.5% Y/Y to $1.75 billion, and Global Infrastructure Services declined 13.0% Y/Y to $1.84 billion.
Book-to-bill stood at 1.04x in the quarter.
Adjusted EBIT declined to $320 million from $342 million a year ago, with a margin of 8.9% vs 8.5% in the prior year.
Adjusted EPS of $1.02, up from $0.84, missed the consensus of $1.03.
The company reported an operating cash flow of $415 million in Q4.
Repurchase: The company completed a share repurchase worth $1 billion in April 2023. DXC announced a new share repurchase worth $1 billion.
CFO Appointment: Yesterday, DXC appointed Rob Del Bene as Executive Vice President and CFO, effective June 15, 2023, replacing current CFO Ken Sharp.
Outlook: DXC expects Q1 FY24 revenues of $3.540 billion - $3.580 billion (-2.0% to -1.0% organically vs. consensus: $3.61 billion), adjusted EPS of $0.80 - $0.85 (vs. consensus: $0.92) and adjusted EBIT margin of 7.5% to 8.0%.
For FY24, DXC projects revenues of $14.40 billion - $14.55 billion (-0.5% to +0.5% organically vs. consensus: $14.46 billion), adjusted EPS of $3.80 - $4.05 (consensus: $3.48) and adjusted EBIT margin of 8.0%-8.5%.
Price Action: DXC shares are trading lower by 2.27% at $23.30 premarket on last check Friday.

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