SAIC Q2 Results Beat Estimates, Ups Full-year Profit Outlook Above View

(RTTNews) - Science Applications International Corporation (SAIC), a technology company, Thursday reported second-quarter profit as well as revenue above the consensus estimates. The company also raised its full-year profit outlook better than the Street view.

Net income was $81 million or $1.58 per share for the second quarter, significantly lower than $247 million or $4.56 per share in the same quarter a year ago, primarily due to a gain on the sale of supply chain business of $234 million in the prior-year quarter.

Excluding one-time items, earnings were $105 million or $2.05 per share, that beat the analysts' average estimate of $1.85 per share. Analysts' estimates typically exclude special items.

Operating income declined to $134 million from $362 million a year ago.

Revenue for the quarter grew to $1.818 billion from $1.784 billion in the previous year. The consensus estimate was for $1.79 billion.

For the full year, SAIC now expects adjusted EPS to be in the range of $8.10 - $8.30, up from the previous outlook of $8.00 - $8.20. The Street is looking for earnings of $8.07 per share for the year.