SAIC Earnings: Falls Short of Profit Estimate
S&P 500 (NYSE:SPY) component SAIC Inc. (NYSE:SAI) reported its results for the third quarter. SAIC provides scientific, engineering, systems integration and technical services and solutions to all branches of the U.S. military and other government entities.
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SAIC Inc. Earnings Cheat Sheet
Results: Reported a profit of $112 million (33 cents per diluted share) in the quarter. SAIC Inc. had a net loss of $89 million, or a loss of 27 cents per share, in the year-earlier quarter.
Revenue: Rose 2.9% to $2.87 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: SAIC Inc. fell short of the mean analyst estimate of 34 cents per share. It beat the average revenue estimate of $2.69 billion.
Quoting Management: “This quarter we are reporting modest year-over-year revenue growth and solid new business bookings even in the currently cautious government market. This reflects our more aggressive pursuit of new business opportunities and the strong commitment of our 40,000 employees to the highest level of customer service, even as we undertake significant changes within the Company,” said John P. Jumper, chairman and chief executive officer. “Our outlook continues to be cautious as the government approaches critical fiscal decisions.”
The company has now fallen short of estimates in the last two quarters. In the second quarter, it missed expectations by one cent with net income of 32 cents versus a mean estimate of net income of 33 cents per share.
Looking Forward: The average estimate for the fourth quarter remains unchanged at 32 cents a share. The average estimate for the fiscal year has seen a bump from $1.34 per share sixty days ago to $1.35.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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