Leidos Surpasses Q4 Expectations, Eyes Solid Growth In 2024 With Revenue And EPS Surge

Zinger Key Points
  • Leidos beats Q4 expectations with $3.98B revenue and $1.99 adjusted EPS.
  • For 2024, Leidos expects $15.70B-$16.10B revenue and $7.50-$7.90 adjusted EPS.

Leidos Holdings, Inc LDOS reported fourth-quarter FY23 revenue growth of 8% year-over-year to $3.98 billion, beating the consensus of $3.80 billion

The company clocked an adjusted EPS of $1.99, up 9% year-over-year, beating the consensus of $1.74.

Adjusted net income was $276 million for the quarter, up 8% year-over-year.

Adjusted EBITDA was $452 million, up 14% year-over-year. Adjusted EBITDA margin of 11.4% increased from 10.7% a year ago. 

Net bookings totaled $2.8 billion for the quarter, representing a book-to-bill ratio 0.7. 

As a result, the backlog at the end of the year was $37.0 billion, of which $8.8 billion was funded. 

Leidos held $777 million in cash and equivalents as of December 29, 2023.

CEO Tom Bell commented: “2024 is going to be another busy and exciting year for Leidos, as we capitalize on our leaner, more focused organizational structure and chart our path to our second decade of growth.”

Outlook: Leidos expects fiscal 2024 revenue of $15.70 billion-$16.10 billion. The analyst consensus stands at $15.96 billion.

The company expects its fiscal 2024 adjusted EPS of $7.50 – $7.90 versus the $7.60 consensus.

Price Action: LDOS shares are trading higher by 3.96% at $119.10 premarket on the last check Tuesday.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In:
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!