GovCon Index– and S&P 500-listed CSRA (NYSE: CSRA) reported second quarter earnings and revenue above Wall Street analysts’ forecasts after markets closed Wednesday on what the company cited as ramps of new business awards and expansion of existing work.Earnings for the three-month period ended Sept. 30 came in at $0.56 per share to exceed the $0.46 analyst consensus.
Falls Church, Virginia-based CSRA reported financial results on a pro forma basis that assumes the company was created on July 1, 2015Â — the start of the company’s 2016 fiscal year.
The company launched Nov. 30, 2015 out of the merger between the former Computer Sciences Corp. (NYSE: CSC) North American public sector business and SRA International.
CSRA also reported second quarter net income of $80 million to register a 50.94-percent increase from the prior year period and revenue of $1.26 billion to show a 4.32-percent year-over-year decline with both on a pro forma basis.
Second quarter sales exceeded Wall Street’s expectation of $1.24 billion.
CSRA reiterated its guidance of $1.91-$2.04 earnings per share and $5 billion-$5.2 billion in revenue versus the consensus Wall Street midpoint forecasts of $1.97 EPS and $5.05 billion in sales.
Second quarter bookings totaled $2.4 billion at a book-to-bill ratio of 1.9x, which CSRA said is its seventh straight period of at least 1.0x.
As of Wednesday’s close, shares in CSRA have fallen 12.2 percent on a year-to-date basis compared to respective gains of the GovCon Index by 11.51 percent and S&P 500 at 5.84 percent.
