S&P 500 (NYSE:SPY) component SAIC, Inc. (NYSE:SAI) reported net income above Wall Street’s expectations for the first quarter. SAIC, Inc. provides scientific, engineering, systems integration and technical services and solutions to all branches of the U.S. military and other government entities.
SAIC Earnings Cheat Sheet for the First Quarter
Results: Net income for the technical services company rose to $131 million (36 cents/share) vs. $125 million (32 cents/share) in the same quarter a year earlier. A rise of 4.8% from the year earlier quarter.
Revenue: Rose 2.3% to $2.69 billion YoY.
Actual vs. Wall St. Expectations: SAI beat the mean analyst estimate of 33 cents/share. Estimates ranged from 31 cents per share to 35 cents per share. Analysts were expecting revenue of $2.71 billion.
Quoting Management: “We are pleased to see the resolution of the 2011 federal budget although market uncertainties persist. We remain focused on our strategy, including business reengineering efforts to devote more resources towards growth, which has enabled us to achieve our business development objectives,” said Walt Havenstein, SAIC chief executive officer. “This is paying off with new business awards, strong win rates and increased value of the opportunities awaiting decision, which validates our strategy of being more aggressive in this challenging environment.”
The company has now topped analyst estimates for the last three quarters. It beat the mark by 7 cents in fourth quarter of the last fiscal year and by 6 cents in third quarter of the last fiscal year.
Competitors to Watch: OSI Systems, Inc. (NASDAQ:OSIS), General Dynamics Corp. (NYSE:GD), L-3 Communications Hldgs., Inc. (NYSE:LLL), Intl. Business Machines Corp. (NYSE:IBM), American Science & Engineering, Inc. (NASDAQ:ASEI), Northrop Grumman Corp. (NYSE:NOC), Kratos Defense & Security Solutions, Inc (NASDAQ:KTOS), Lockheed Martin Corp. (NYSE:LMT), Computer Sciences Corp. (NYSE:CSC), and Booz Allen Hamilton Holding Corp. (NYSE:BAH).
Stock Performance: Shares of SAI are down 0.35% from the previous close.
(Sources: YahooFinance, Xignite Financials)