SAIC Tops Q1 Aided By Ramp-Up In Contracts, Halfaker; Boosts Buyback - Science Applications Intl (NASDAQ:

Science Applications International Corp (NYSE:SAIC) reported first-quarter FY22 revenue growth of 6% year-over-year to $1.996 billion and +3.9% organic, beating the consensus of $1.93 billion.
The growth reflected a ramp-up in new and existing contracts and the acquisition of Halfaker.
Adjusted EPS of $1.88 beat the consensus of $1.77.
Adjusted operating margin contracted by 80 bps to 6.7% due to higher indirect costs.
Adjusted EBITDA margin contracted 110 bps to 8.7%.
SAIC generated $118 million in operating cash flow and held $56 million in cash and equivalents.
Net bookings for the quarter were $2 billion, reflecting a book-to-bill ratio of 1.0.
CEO Nazzic Keene said, "While we face some modest top-line pressure in the near-term, the momentum we see in our business development efforts gives me confidence in our ability to continue to profitably grow the business."
Dividend: The board declared a cash dividend of $0.37 per share.
Buyback: SAIC's board hiked the share buyback program by 8 million shares, resulting in an aggregate of 8.8 million shares available for repurchase, representing 16% of shares outstanding.
FY23 Outlook: SAIC raised its revenue outlook from $7.35 billion-$7.55 billion to $7.43 billion - $7.55 billion versus the consensus of $7.47 billion.
SAIC boosted the adjusted EPS guidance from $6.80 -$7.10 to $6.90 - $7.20 versus the consensus of $6.99.
Price Action: SAIC shares closed higher by 0.39% at $88.10 on Friday.

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