Leidos (NYSE: LDOS) reported $3.7 in sales for the first quarter of 2023 and attributed the 6 percent revenue spike to year-over-year growth in the company’s defense, civil and health business segments.
The Reston, Virginia-based company said Tuesday net income for the January-to-March period was $164 million and total backlog stood in the quarter sat at $35.1 billion with $8.3 billion of it funded.
Notable quarterly bookings include single-award prime contracts worth potentially $1.25 billion combined to provide signals and cybersecurity intelligence services to an intelligence community agency.
Leidos retained its guidance for its 2023 fiscal year, projecting revenues of $14.7 billion to $15.1 billion and operating activity cash flows of at least $700 million.
The financial performance release comes one day before Thomas Bell, former chairman and CEO of Rolls-Royce North American, officially succeeds Roger Krone (10-time Wash100 Award winner) as Leidos’ chief executive.