SAIC Q1 Profit Rises - Quick Facts

(RTTNews) - Science Applications International Corp (SAIC), a provider of technical, engineering and enterprise IT solutions, Tuesday reported first-quarter net income of $34 million, compared with last year's $33 million. In spite of an incurring interest expense in the quarter on long-term debt obtained in conjunction with the spin-off completed in September 2013, net profit remained consistent relative to the year-ago quarter, due to the impacts to operating income.

Quarterly earnings per share were $0.69, higher than $0.67 reported a year back. On average, 4 analysts polled by Thomson Reuters expected earnings per share of $0.66 for the quarter. Analysts' estimates typically exclude one-time items.

For the first quarter, revenues totaled $977 million, or $962 million excluding revenues performed by former parent, versus $1.14 billion last year, or $1.11 billion, excluding revenues performed by former parent. Four analysts estimated revenues of $991.85 million for the quarter.

Revenues fell mainly because of the loss of the DISN Global Solutions program, decrease in logistics program activity largely related to in-theater force drawdown, lower material and subcontract revenues on Department of Defense contract vehicles, completion of a program to provide technical support to the Army Reserve and National Guard and the impact of one less productive day in the current quarter, the company noted.

Operating income for the quarter stood at $59 million, up from $52 million, reported in the prior-year period.