Science Applications Q1 Profit Down, But Beats View; Ups Guidance, Share Buyback – Update
(Adds guidance, share buyback, dividend)
Science Applications International Corporation (SAIC) reported a profit for first quarter that decreased from last year but beat the Street estimates.
The company’s bottom line totaled $73 million, or $1.29 per share. This compares with $81 million, or $1.38 per share, in last year’s first quarter.
Excluding items, Science Applications International Corporation reported adjusted earnings of $1.88 per share for the period.
Analysts on average had expected the company to earn $1.77 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 5.9% to $1.99 billion from $1.88 billion last year.
The technology company has authorized an increase to its existing stock repurchase authorization under its existing buyback drive. Accordingly, the current authorization increases the repurchase by 8 million shares in order to make available for repurchase an aggregate of around 8.8 million shares.
The company has also declared a quarterly cash dividend of $0.37 per share payable on July 29 to the stockholders of record on July 15.
Looking ahead, for the fiscal 2023, the company has raised its guidance. Accordingly, for the full year SAIC expects its adjusted EPS to be in the range of $6.90 – $7.20, versus its previous outlook of $6.80 to $7.10.
For the 12-month period, the firm also projects its sales to be in the range from $7.43 billion to $7.55 billion, higher than its previous guidance range of $7.35 billion to $7.55 billion.
Science Applications International Corporation earnings at a glance (GAAP) :
-Earnings (Q1): $73 Mln. vs. $81 Mln. last year.
-EPS (Q1): $1.29 vs. $1.38 last year.
-Analyst Estimates: $1.77
-Revenue (Q1): $1.99 Bln vs. $1.88 Bln last year.
-Guidance:
Full year EPS guidance: Adj: $6.90 to $7.20
Full year revenue guidance: $7.43 to $7.55 Bln
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