Getting Sustainable Earnings? Science Applications International Corporation (SAIC)

The first-quarter fiscal 2023 report from Science Applications International Corporation (NYSE: SAIC), a full-range information technology provider for the engineering and defense sectors, has been issued. Despite global uncertainties, the firm has grown revenues and plans to accelerate expansion.

SAIC’s sales increased 6% to $2 billion in the quarter ended April 29, with earnings per diluted share of $1.29. The business repurchased 8.8 million shares, or 16 percent of the total outstanding, during the quarter. The buyout cost $68 million, with an additional $22 million set up for dividend payments.

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SAIC continues to be one of the most important defense integrators, providing network-centric technologies that combine various military, intelligence, and civilian systems.

SAIC is now pursuing a successful growth plan that includes stringent cost controls and a concentration on low-cost locations with long-term promise.

Science Applications International Corporation keeps previous contracts and gets new ones, which helped to offset the $42 million cost of Halfaker’s cybersecurity and special IT services acquisition.

SAIC’s order book has surpassed $24 billion, with around $3.2 billion in purchases already paid. SAIC management is looking forward to growing the repurchase and dividend programme in the future, thanks to a broad portfolio of orders and consistent cash flow.

The increased activity in the sphere of space exploration is a favorable element for SAIC. In this category, the corporation received $337 million in contracts in the last quarter alone, many of which were highly specialized contracts in the fields of artificial intelligence, technological integration into covert projects, cybersecurity, and mission support.

SAIC doesn’t have many rivals because of the nature of these contracts, but the negative is slower order growth compared to the commercial sector.

SAIC raised its full-year prediction to $7.43- $7.55 billion, with adjusted earnings per share projected to be in the $6.9- $7.2 range.


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