SAIC, Inc. Bid Lower Following Its Q1 Results

Shares of SAIC, Inc. SAI are trading lower in the after-hours following the release of the company's Q1 earnings results. Currently, shares are down by 0.35%, trading at $17.15; they closed the regular session lower by 0.35%, at $17.21. SAIC, Inc. said that Q1 EPS was $0.36 on revenues of $2.69 billion. The Street was looking for $0.33 per share on revenues of $2.71 billion. Revenues increased 2.3% year over year. SAIC, Inc. backed its FY 2012 EPS guidance, at $1.35-1.46, with cash flow coming in at or above $600 million. "We are pleased to see the resolution of the 2011 federal budget although market uncertainties persist. We remain focused on our strategy, including business reengineering efforts to devote more resources towards growth, which has enabled us to achieve our business development objectives," said Walt Havenstein, SAIC chief executive officer. "This is paying off with new business awards, strong win rates and increased value of the opportunities awaiting decision, which validates our strategy of being more aggressive in this challenging environment." SAIC, Inc. is a provider of scientific, engineering, systems integration and technical services and solutions to all branches of the United States military, agencies of the United States Department of Defense, the intelligence community, the United States Department of Homeland Security and other United States Government civil agencies, state and local government agencies, foreign governments and customers in select commercial markets.