SAIC Q3 Profit Tops Estimates, Revenues Up 10.6% On Organic Basis; Lifts FY24 Guidance
Science Applications International Corporation (SAIC) reported third quarter net income of $93 million, an increase of 16% from last year. Earnings per share was $1.76 compared to $1.45. Adjusted earnings per share was $2.27 compared to $1.90. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $1.69, for the quarter. Analysts’ estimates typically exclude special items.
Revenues were $1.90 billion, decreased 1% compared to the same period in the prior year primarily due to the sale of the logistics and supply chain management business, the deconsolidation of the Forfeiture Support Associates J.V., and contract completions. Adjusting for the impact of the divestiture of the Supply Chain Business and the deconsolidation of FSA, revenues grew 10.6%. Analysts on average had estimated $1.79 billion in revenue.
For fiscal 2024, the company now expects adjusted EPS in a range of $7.70 to $7.90, revised from prior guidance range of $7.20 to $7.40. Revenue is now projected in a range of $7.325 billion – $7.350 billion, revised from previous guidance of $7.20 billion – $7.25 billion.
Shares of Science Applications International Corporation are up 7% in pre-market trade on Monday.
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