UPDATE: SAIC Posts Downbeat Q2 Results, Lowers FY14 Outlook
SAIC (NYSE: SAI) reported a 61% drop in its fiscal second-quarter net income and lowered its fiscal 2014 view.
SAIC's quarterly profit dropped to $42 million, or $0.12 per share, from $108 million, or $0.32 per share, in the year-ago period. Its earnings from continuing operations came in at $0.13 per share, versus analysts' estimates of $0.22 per share.
Its revenue declined 13% to $2.47 billion from $2.83 billion, versus estimates of $2.54 billion.
SAIC now expects FY14 earnings from continuing operations of $0.95 to $1.03 per share on revenue of $9.7 billion to $10.2 billion. The company had earlier expected earnings from continuing operations of $1.16 to $1.33 per share on revenue of $10 billion to $10.7 billion. However, analysts project full-year earnings of $1.14 per share on revenue of $10.37 billion.
SAIC shares closed at $15.15 yesterday.
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