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Leidos Q3 Revenue Up 4%; CEO Roger Krone Highlights Key Win for Space Business

Leidos (NYSE: LDOS) posted $164 million in net income and diluted earnings per share of $1.17 in the third quarter of fiscal year 2022 and saw its revenue rise 4 percent to $3.6 billion for that period.

The company attributed the sales growth to increased deployments on the Defense Healthcare Management System Modernization program, ramp-up of NASA’s Advanced Enterprise Global Information Technology Solutions contract and continued growth of the service management, integration and transport portion of the Next Generation Enterprise Network Recompete contract with the U.S. Navy.

Our third quarter results demonstrate the momentum in our business as we continue to report revenue growth at the upper end of our guidance across our diversified portfolio,” Roger Krone, chairman and CEO of Leidos and a nine-time Wash100 awardee, said in an earnings statement.

Leidos reported $4.1 billion in Q3 FY 2022 net bookings with a book-to-bill ratio of 1.1 and closed the quarter with a total backlog of $35 billion, with $7.4 billion of that funded.

Major awards in the quarter include a potential $358 million contract to build a medium-size unmanned undersea vehicle for the U.S. Navy and a potential $138 million task order awarded through the Defense Enclave Services contract to help the Defense Information Systems Agency consolidate enterprise information technology systems.

The company increased its revenue outlook for 2022 and now expects to record between $14.2 billion and $14.4 billion in full-year sales.

During an earnings call Tuesday, Krone highlighted notable awards in the previous quarter, including the company’s selection by Northrop Grumman (NYSE: NOC) to build hypersonic defense sensors for the Space Development Agency through a subcontract, which he called a “key win” for its space business.

“Through this award, we’ll develop and build the sensor payload for a proliferated constellation of low Earth orbit satellites for the Tranche 1 Tracking Layer. The Tracking Layer constellation will detect and track advanced hypersonic and ballistic missile threats as part of SDA’s missile defense architecture,” he told analysts.

Krone added that the company’s Tranche 0 payload is set to launch by the end of 2022.

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