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SAIC Posts Growth in Q4, FY 2023 Revenues; Nazzic Keene Quoted

Science Applications International Corp. (NYSE: SAIC) posted a 4 percent revenue growth for its 2023 fiscal year, with sales totaling $7.7 billion, and reported $1.97 billion in fourth quarter revenue to register a 10 percent increase from the same period in fiscal 2022.

The company said Monday that adjusted earnings were $2.04 per share for the quarter and $7.55 per share for the full year that ended Feb. 3, 2023.

New and ongoing contracts helped boost fiscal year revenue by $310 million, according to SAIC’s financial report. Net bookings were $1.3 billion for Q4 and $7.4 billion for the full year.

SAIC attributed its 6.5 percent operating profit margin to lower acquisition and integration costs, as well as higher contract portfolio profitability.

“Our results in the quarter and for the fiscal year reflect sound execution of our strategy to deliver excellence for our customers and value for our shareholders,” SAIC CEO Nazzic Keene said.

“We believe that our continued new business development success and recent portfolio actions position us well to deliver profitable growth in the coming years,” added Keene, a six-time recipient of the Wash100 award.

SAIC updated its fiscal 2024 outlook to reflect anticipated impacts from the logistics and supply chain management business sale to ASRC Federal, an amendment to the FSA joint venture agreement with Amentum and expenses under Internal Revenue Code Section 174.

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