SAIC Shares Gain on Better Than Expected Earnings
SAIC (NYSE: SAI) is up over 6 percent on the session after the company reported better than expected third quarter earnings. The company reported Q3 EPS of $0.35 versus $0.34 estimates and revenues of $2.81 billion versus the analyst estimates of $2.75 billion.
The company also sees FY2012 EPS of $1.30-1.40 versus the estimates of $1.36 and revenues of $10.6-11 billion versus $10.73 billion estimates.
SAIC CEO Walt Havenstein said: "Our actions taken in the third quarter in connection with the CityTime situation, including taking the loss provision, were significant and appropriate. During this time, our employees have consistently remained focused on continuing to deliver operational excellence and new capabilities for our customers. Strong new business bookings, generation of cash flow, and other positive milestones this quarter reflect this focus and teamwork."
SAIC is a scientific, engineering, and technology applications company. Its shares area currently trading at $12.89, a gain of +0.74 or 6.09%.
