SAIC Tops Q3 Backed By New Business Wins, On-Contract Growth; Boosts FY23 Top-Line Outlook - Science Applications Intl (NASDAQ:SAIC)

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.
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