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Science Applications International Q2 Results Top Estimates; Boosts FY24 Outlook

RTTNews | 642 days ago

(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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Tags: SAIC

SAIC Secures $319 Mln Falconer Program Contract From US Air Force

Science Applications International Corp. (SAIC) announced Wednesday that it has been awarded the $319 million Falconer Air Operations Center (AOC) Weapon System Sustainment contract by the U.S. Air Force.

RTTNews | 1028 days ago

Gold Dips As US-China Trade Talks Continue

Gold prices dipped on Tuesday, ahead of US inflation report and ongoing US-China official talks, which is now the focus of investors from all over the world. Front Month Comex Gold for June delivery lost $11.20 (or 0.34%) to $3320.90 per troy ounce on Tuesday. Front Month Comex Silver for June delivery lost $14.60 cents (or 0.40%) to $36.542 today. The much-anticipated high-level trade talks between the world's two largest economies, U.S. and China, began on Monday in London and continued for the second day today. On the economic data front, the US Labor Department will release Consumer Price Index (CPI) data on Wednesday, which may help to determine the Federal Reserve's monetary policy before the Fed's June 17-18 meeting. Meanwhile, the World Bank, in its biannual Global Economic Prospects, has cut the global growth forecast to 2.3% from 2.7% for the current year citing "trade barriers" as a reason behind the global slowdown.

RTTNews | 1h 11min ago

Crude Oil Prices Fade As US-China Talks Progress

Crude oil prices were down on Tuesday amidst uncertainty over trade talks between China and the United States continued, although the outcome remains uncertain. WTI oil closed down by $0.31 to settle at $64.98 per barrel. August Brent crude was last seen down by $0.03 to $67.01. To ease the standstill created by the reciprocal tariffs imposed by U.S. President Donald Trump and China, high-level officials from both nations convened at London on Monday to discuss steps to soften the conflict. As the talks went on for the second day today, Trump told reporters at the White House that the talks were "going well" and that he was "only getting good reports." While U.S. Treasury Secretary Scott Bessent described Monday's talks as "good meeting," the Commerce Secretary Howard Lutnick called them as "fruitful." On the geopolitical front, however, Russia showed no sign of relenting on its war with Ukraine and continued its attacks. Limiting the downside, the U.S. Energy Information Administration has reported today that US crude oil production is likely to decline over the next 18 months - while the approach of the summer driving season is also good news.

RTTNews | 1h 17min ago

Canadian Dollar Appreciates Amid Risk Appetite

The Canadian dollar climbed against its major counterparts in the New York session on Tuesday, as investors monitored trade talks between the U.S. and China that continued for a second day.

RTTNews | 1h 57min ago

Swiss Market Ends Marginally Down

Save for a very brief while at the start, the Switzerland market stayed weak on Tuesday as investors refrained from making significant moves, choosing to wait for directional clues. Investors awaited the outcome of the high-level trade discussions between U.S. and Chinese officials in London.

RTTNews | 3h 22min ago

European Stocks Close On Mixed Note

European stocks turned in a mixed performance on Tuesday with investors mostly making cautious moves as they awaited the outcome of the ongoing Sino-U.S. trade talks in London. German stocks are drifting lower on Tuesday as investors await the outcome of high-level U.S. - China trade talks in London.

RTTNews | 3h 38min ago

TSX Up Marginally; Energy Stocks Rise

After a flat start and a subsequent climb up north, the Canadian market retreated Tuesday morning, and at a little past noon, was up marginally, led by gains in energy, consumer and communications sectors. Investors are cautiously optimistic about some positive progress in U.S.-China trade relations.

RTTNews | 4h 46min ago

U.S. Stocks Mostly Subdued In Lackluster Trade

U.S. stocks are turning in a mixed performance in lackluster trade on Tuesday as traders await the outcome of the ongoing trade talks between China and the U.S. in London. Trade negotiations between the world's two largest economies commenced on Monday, and no big breakthrough seems to have been arrived as yet.

RTTNews | 5h 22min ago

EURUSD	1.14243	GBPUSD	1.34986	AUDUSD	0.65216
USDJPY	144.831	USDCAD	1.36706	USDCHF	0.82202