Science Applications International Corp. (NYSE: SAIC) reported that it gained $1.74 billion in revenue during the fourth quarter of fiscal year 2024– up 12 percent from the previous year– and recorded full-year revenue of $7.44 billion, a 3 percent year-over-year growth.
In an earnings statement published Monday, SAIC said it logged a net income of $39 million for Q4 FY24 and a net income of $477 million for the full fiscal year ended Feb. 2.
“We delivered strong financial results in the quarter with revenue, earnings per share and free cash flow ahead of expectations,” remarked Toni Townes-Whitley, CEO of SAIC and a 2024 Wash100 awardee.
“As we embark on the next phase of our corporate strategy to become the premier mission integrator in our market, I am confident that the investments we are making in Fiscal Year 2025 will accelerate our ability to drive value for all our stakeholders,” she added.
Adjusted earnings before interest, taxes, depreciation and amortization for the quarter reached $127 million or 7.3 percent of revenue, which was driven by higher incentive compensation accrual, according to Prabu Natarajan, chief financial officer of SAIC.
“For the year, higher incentive compensation accruals impacted margins by approximately 30 basis points with the 9.3 percent margin adjusting for this in line with our guidance and reflecting continued strong program performance,” Natarajan said.
SAIC disclosed that revenue for the fiscal year decreased by $260 million compared to the prior year due to several factors including the sale of its logistics and supply chain management business to ASRC Federal in May 2023.
