SAIC Posts Downbeat Q1 Earnings, But Revenue Beats Views

reported weaker-than-expected earnings for the first quarter, but the company's sales exceeded analysts' estimates. The McLean, Virginia-based company posted quarterly earnings of $33 million, or $0.69 per share, compared to $34 million, or $0.69 per share, in the year-ago period. The latest quarter results included the impact of acquisition and integration costs of around $0.04 per share. Its revenue climbed to $1.01 billion from $977 million. However, analysts were expecting earnings of $0.75 per share on revenue of $982.5 million. The average estimate among 5 Estimize users was for earnings of $0.75 per share and revenue of $977.67 million. Its operating income for the first quarter slipped to $57 million, versus $59 million in the year-earlier quarter. Net bookings were $1.0 billion for the quarter. The company's board declared a regular quarterly cash dividend of $0.31 per share, up 10.7 percent versus the prior quarterly dividend of $0.28 per share. "We continue to see progress in our strategy execution with our third straight quarter of internal revenue growth. The recent Scitor acquisition further expands our market access and enhances our strong cash flow generation," said CEO Tony Moraco. "The increase in our quarterly dividend demonstrates confidence in our business model and underscores our commitment to our shareholders." SAIC shares fell 0.82 percent to close at $53.22 yesterday.