Why Science Applications International Shares Hit A New 52-Week High Today

Science Applications International Corp SAIC shares are trading higher after the company reported better-than-expected third-quarter adjusted EPS and sales results and raised FY23 EPS and revenue guidance.

What Else?

Science Applications reported quarterly earnings of $1.90 per share which beat the analyst consensus estimate of $1.74 by 9.2 percent. The company reported quarterly sales of $1.91 billion which beat the analyst consensus estimate of $1.87 billion by 2% This is roughly a 1% increase over sales of $1.90 billion the same period last year.

SAIC raised FY23 Adj. EPS Guidance from a range of $7.00-$7.20 to a range of $7.05-$7.20, versus the analyst consensus estimate of $7.08. The company also raised revenue guidance from $7.5B-$7.55B to ~$7.6B, versus the analyst consensus estimate of $7.53B.

SAIC says it deployed $86 million of capital, consisting of $59 million of plan share repurchases, $21 million in cash dividends, and $6 million of capital expenditures. In addition, SAIC made $90 million of voluntary debt repayments during the quarter.

"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.

"We are confident that the investments we are making - both internally and via our capital deployment program - are aligned with maximizing long-term shareholder value. This is our focus and will allow us to provide opportunities to grow for our incredibly talented employees while delivering excellence to our customers."

According to data from Benzinga Pro, SAIC has a 52-week high of $117.94 and a 52-week low of $78.10.