SAIC Tops Q3 Backed By New Business Wins, On-Contract Growth; Boosts FY23 Top-Line Outlook

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  • Science Applications International Corp (NYSE: SAIC) reported a 1% revenue growth year-on-year in the third quarter of FY23 to $1.91 billion, beating the consensus of $1.87 billion.
  • Adjusted EPS of $1.90 beat the consensus of $1.74.
  • Adjusted operating margin expanded by 50 bps to 7.1%.
  • Adjusted EBITDA margin was flattish at 8.9%.
  • SAIC generated $122 million in free cash flow and held $53 million in cash and equivalents.
  • Net bookings for the quarter were $2.0 billion, reflecting a book-to-bill ratio of 1.1. 
  • Dividend: The company's cash dividend of $0.37 per share will be payable on January 27 to stockholders of record on January 13.
  • "Our results reflect continued strong performance from the team with notable momentum in new business capture and on-contract growth," said SAIC CEO Nazzic Keene.
  • FY23 Outlook: SAIC raised revenue guidance to $7.60 billion, up from the prior $7.50 billion - $7.55 billion versus the consensus of $7.53 billion.
  • SAIC sees adjusted EPS guidance of $7.05 - $7.20 (prior view $7.00 -$7.20) versus the consensus of $7.08.
  • Price Action: SAIC shares closed lower by 0.36% at $109.26 on Friday.
  • Photo Via CompanyBriefs
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Posted In: EarningsNewsGuidanceDividendsBriefs
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