Wait, don't miss out on the latest GovCon industry news!

Sign Up Now! ExecutiveBiz provides you with Daily Updates and News Briefings

*By clicking "Join us now" you agree to receive email, promotions and general messages from GovCon Wire, In addition, you also agree to GovCon Wire Privacy Policy and Terms & Conditions.

X Remind me Later

SAIC 1Q Earnings, Revenue Beat Street Forecasts

SAIC logoScience Applications International Corp. (NYSE: SAIC) — one of 3 companies listed in Executive Mosaic’s GovCon Index — has reported first quarter earnings and revenue figures above the consensus Wall Street forecasts with sales contributions from the Scitor business acquired a year ago.

The McLean, Virginia-based government services contractor said earnings for the three-month period ended May 6 were 80 cents per share to exceed analyst expectations by 6 cents.

The 80-cent figure and analyst forecasts both exclude costs related to the acquisition and integration of Scitor, the intelligence community contractor SAIC purchased in May 2015 for $790 million.

First quarter earnings came in at 71 cents per share with those costs, while profit showed no year-over-year change at $33 million.

Revenue increased 19.8 percent to $1.21 billion versus Wall Street’s expectation of $1.15 billion as an extra week in the company’s first quarter and 2017 fiscal year helped contribute additional sales.

The company reported an internal revenue decline of 3.1 percent year-over-year, which adjusts results to include Scitor’s historical sales as if the transaction occured at the start of the fiscal 2016 first quarter.

Wall Street analysts expect the company to post $3.12 earnings per share for its full fiscal year with revenue at $4.51 billion.

As of Monday’s close, shares in SAIC have climbed 12.77 percent since the year started and are up 24.86 percent over 12 months.

GovCon Wire Logo

Sign Up Now! GovCon Wire provides you with Daily Updates and News Briefings about Financial Report

Related Articles