Science Applications International Q2 Results Top Estimates; Boosts FY24 Outlook

(RTTNews) - Technology integrator Science Applications International Corp. (SAIC) announced Thursday that net income for the second quarter soared to $247 million or $4.56 per share from $74 million or $1.30 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $2.05 per share, compared to $1.75 per share in the year-ago quarter.

Revenues for the quarter declined 3 percent to $1.78 billion from $1.83 billion in the same quarter last year. Revenues grew 8.3 percent organically after adjusting for impact of divestitures.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.62 per share on revenues of $1.69 billion for the quarter. Analysts' estimates typically exclude special items.

On Wednesday, the Company's Board of Directors declared a cash dividend of $0.37 per share of the Company's common stock, payable on October 27, 2023 to stockholders of record on October 13, 2023.

Looking ahead to fiscal 2024, the company now projects adjusted earnings in a range of $7.20 to $7.40 per share on revenues between $7.20 billion and $7.25 billion.

Previously, the company expected adjusted earnings in the range of $7.00 to $7.20 per share on revenues between $7.125 billion and $7.225 billion.

The Street is looking for earnings of $7.16 per share on revenues of $7.20 billion for the year.

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