- Science Applications International Corp (NYSE: SAIC) reported a 10% revenue growth year-on-year in the fourth quarter of FY23 to $1.97 billion, beating the consensus of $1.86 billion.
- Five additional working days in the current year period and a ramp-up on new and existing contracts drove the revenue numbers.
- Adjusted EPS of $2.04 beat the consensus of $1.66.
- Adjusted operating margin expanded by 80 bps to 6.7% due to improved profitability across its contract portfolio.
- Adjusted EBITDA margin improved by 50 bps to 8.7%.
- SAIC generated $148 million in free cash flow and held $109 million in cash and equivalents.
- Net bookings for the quarter were $1.3 billion, reflecting a book-to-bill ratio of 0.7.
- Dividend: The company’s cash dividend of $0.37 per share will be payable on April 28 to stockholders of record on April 14.
- FY24 Outlook: SAIC cut revenue guidance to $7.05 billion – $7.20 billion, down from the prior $7.60 billion – $7.80 billion, below the consensus of $7.72 billion.
- SAIC provided adjusted EPS guidance of $6.80 – $7.00, below the consensus of $7.48.
- The updated guidance reflects Logistics & Supply Chain Management (L&SCM) divestiture, deconsolidation of Forfeiture Support Associates joint venture, and inclusion of impact from Section 174 of the Internal Revenue Code on cash tax payments.
- Price Action: SAIC shares traded higher by 1.43% at $109.00 premarket on the last check Monday.
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