The Science Applications International Corporation (SAIC), known for providing technical, engineering, and enterprise IT services, announced on Monday a decrease in profits for the fourth quarter, falling below the analyst estimations. This drop is primarily due to a reduction in revenue. Despite this, SAIC has increased its annual revenue forecast and confirmed its earnings guidance.
The profits for this period came in at $39 million, or $0.74 per share, a reduction from the $74 million or $1.34 per share reported in the same quarter last year.
When removing exceptional items from the equation, earnings sat at $1.43 per share, just missing the average estimate of $1.46 per share projected by analysts surveyed by Thomson-Reuters. These predictions generally do not include one-off items.
Revenue for the quarter fell by 12 percent to $1.737 billion, compared to $1.968 billion from the previous year, even though the consensus estimate was for $1.64 billion.
For the fiscal year of 2025, SAIC has raised its revenue expectations to between $7.35 billion and $5.50 billion, an increase from the earlier forecast of $7.25 billion to $7.40 billion. On the street, many anticipate the company will report revenue of $7.36 billion.
The company also confirmed its adjusted earnings forecast at $8.00 to $8.20 per share, with analysts predicting $8.15 per share.
