Science Applications Q3 Profit Up, Beats Estimates; Raises FY23 Revenue Guidance Above View – Update

(Adds Outlook)

Science Applications International Corporation (SAIC) revealed a profit for its third quarter that increased from the same period last year and beat the Street estimates.

The company’s earnings came in at $80 million, or $1.45 per share. This compares with $71 million, or $1.22 per share, in last year’s third quarter.

Excluding items, Science Applications International Corporation reported adjusted earnings of $1.90 per share for the period.

Analysts on average had expected the company to earn $1.74 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 0.6% to $1.909 billion from $1.898 billion last year.

Outlook:

Looking ahead, for the fiscal 2023, the company has raised its revenue guidance, while updating profit outlook. For the 12-month period, the company expects adjusted EPS of $7.05 to $7.20 compared to its previous outlook of $7 to $7.20. Nine analysts, on average, polled by Thomson-Reuters expect the firm to report EPS of $7.08, for the year. Analysts’ estimates typically exclude one-time items.

For 2023, SAIC projects revenue of $7.60 billion, versus its previous expectation of $7.50 billion to $7.55 billion. Analysts, on average, expect the company to post revenue of $7.53 billion.

Science Applications International Corporation Q3 earnings at a glance (GAAP) :

-Earnings (Q3): $80 Mln. vs. $71 Mln. last year.
-EPS (Q3): $1.45 vs. $1.22 last year.
-Analyst Estimate: $1.74
-Revenue (Q3): $1.909 Bln vs. $1.898 Bln last year.

Source: Read Full Article