SAIC’s Profit More Than Triples in Q2 FY 2024; CEO Nazzic Keene Reflects on Her Tenure

Science Applications International Corp. (NYSE: SAIC) posted $247 million in net income for the second quarter of its 2024 fiscal year, up 234 percent from the prior-year period.

SAIC said Thursday revenue for the quarter ended Aug. 4, 2023, fell 3 percent from the prior year period to $1.78 billion, an activity the company attributed to its supply chain business sale to ASRC Federal in May and deconsolidation of Forfeiture Support Associates, SAIC’s joint venture with Amentum.

Despite the revenue decline, SAIC adjusted its full-year sales outlook to a range of $7.20 billion to $7.25 billion from the prior range of $7.12 billion to $7.22 billion.

Net bookings totaled $700 million in the period, while backlog at the end of the quarter amounted to $22.5 billion. The Reston, Virginia-based contractor noted the figures do not include the $1.3 billion Treasury Department cloud migration contract announced in June.

In an earnings call, SAIC CEO Nazzic Keene noted the key transactions that have driven the company’s portfolio and its business strategy after she assumed the post in July 2019.

“SAIC effectively integrated its acquisition of Engility quickly followed by Unisys, Koverse and Halfaker,” remarked the six-time Wash100 Award winner.

Keene will transition to a special advisory role when Toni Townes-Whitley, a 35-year technology industry veteran, takes on the chief executive role.

“I feel confident that as I step down, SAIC is in a strong position with an exceptional leadership team. Across the entire enterprise, we have raised the bar and continue to win the war for talent.”

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