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  • Thursday, April 25, 2024

SAIC Beats Wall Street Q2 Profit Estimates


 Increasing federal contract awards helped defense contractor Science Applications International Corporation Inc. (SAI) beat Wall Street’s estimates in the second quarter, and SAIC confirmed its full-year profit forecast.

SAIC posted a quarterly profit increase of 13% over the same period last year.  Profits were $123 million, 31 cents a share, compared with $109 million, or 27 cents a share, for Q2 last year. Analysts polled by Reuters expected earnings of 30 cents a share.  SAIC’s Chief Financial Officer Mark Sopp said the company is poised to win more contracts in the second half of the year.  The company maintains its per-share earnings estimates of 11% to 18% growth on a full-year basis and full-year revenue to grow 6% to 9%.

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