SAIC Q3 Profit Beats Estimates

reported better-than-expected earnings for the third quarter on Wednesday. The McLean, Virginia-based company reported quarterly net income of $34 million, or $0.72 per share, versus $37 million, or $0.77 per share, in the year-ago quarter. Excluding items, the company's adjusted earnings came in at $0.73 per share. Its revenue rose to $1.13 billion from $993 million. However, analysts were expecting earnings of $0.65 per share on revenue of $1.14 billion. The average estimate among 9 Estimize users was for earnings of $0.68 per share and revenue of $1.14 billion. Its operating income gained to $64 million from $63 million. Net bookings were around $1.4 billion for the quarter. "Third quarter performance displayed consistent progress in our strategy and underscores our commitment to shareholders," said CEO Tony Moraco. "Despite slight internal revenue contraction this quarter, we have managed the business to deliver on profitability, earnings and cash flow. We have continued confidence in our long-term revenue growth as a result of strong bookings and new contract vehicle awards resulting from our continued pursuit of our protect, expand and grow approach and leveraging our matrix operating structure." SAIC shares rose 0.58 percent to close at $50.53 yesterday.