Science Applications International Corporation (SAIC) reports earnings

The report was filed on December 5, 2024

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Science Applications International Corporation (SAIC-0.45%) has submitted its 10-Q filing for the quarterly period ended November 1, 2024.

The filing includes financial statements for the quarter, showing an increase in revenues to $1,976 million from $1,895 million in the same quarter the previous year. The increase is attributed to ramp-up in volume on existing and new contracts, partially offset by contract completions.

Cost of revenues for the quarter was $1,739 million, representing 88% of sales, compared to 87.9% in the same quarter of the previous year. This slight increase in cost ratio is due to changes in contract mix.

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The company reported an operating income of $160 million for the quarter, compared to $143 million in the previous year, with the increase attributed to higher revenue volumes.

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Selling, general, and administrative expenses decreased to $83 million from $87 million, reflecting cost management efforts.

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Net income for the quarter was $106 million, up from $93 million in the previous year. The company reported basic earnings per share of $2.15, compared to $1.79 in the previous year.

Cash provided by operating activities was $379 million, while cash used in investing and financing activities was $15 million and $413 million, respectively.

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The company had a funded backlog of $4,466 million as of November 1, 2024. The total backlog, including negotiated unfunded backlog, was $22,387 million.

The filing also details various financial activities, including amendments to the company's credit facility and the declaration of a quarterly dividend of $0.37 per share.

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SAIC continues to focus on providing technical, engineering, and enterprise IT services primarily to the U.S. government, with a business reorganization effective February 3, 2024, that established five customer-facing business groups.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Science Applications International Corporation quarterly 10-Q report dated December 5, 2024. To report an error, please email earnings@qz.com.