Leidos Q2 Profit Misses Estimates

(RTTNews) - Leidos Holdings, Inc. (LDOS) reported second-quarter profit below analysts' estimates. Non-GAAP net income and earnings per share were both down 2% year-on-year. Excluding the VirnetX gain, non-GAAP net income and earnings per share were both up 37%. Looking forward, the company reaffirmed its fiscal 2021 guidance.

Second-quarter non-GAAP earnings per share was $1.52 compared to $1.55, previous year. On average, 12 analysts polled by Thomson Reuters expected the company to report profit per share of $1.58, for the quarter. Analysts' estimates typically exclude special items.

Revenues were $3.45 billion, up 18%. Excluding acquired revenues of $58 million, revenues rose 16% organically. Analysts expected revenue of $3.38 billion, for the quarter.

For fiscal 2021, the company continues to project: non-GAAP earnings per share in a range of $6.35 - $6.65; and revenues of $13.7 billion - $14.1 billion.

Shares of Leidos Holdings were down 3% in pre-market trade on Tuesday.