CEO Raul Fernandez characterized the Q1 results as aligning with internal expectations. While organic revenue fell by 6.7%, the company reported a significant boost in free cash flow, which reached $314 million compared to $97 million in the same period last year. This increase was bolstered by $214 million in proceeds from a litigation judgment. Non-GAAP diluted earnings per share landed at $0.40, reflecting a 41.2% decrease from the previous year.
The company’s performance varied across its core segments. The Global Infrastructure Services division struggled with a 9.4% revenue decline, while the Consulting and Engineering Services arm saw a more modest 1.2% drop. Conversely, the Insurance Software & Services segment recorded a slight revenue uptick of 1.9%. To bolster its leadership during this transition, the firm recently appointed Paul Taylor as incoming President. DXC continues to return capital to investors, repurchasing approximately $70 million in shares during the quarter.
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