RESTON, Va., Aug. 5, 2024 /PRNewswire/ -- Leidos (NYSE:LDOS), a Fortune 500®innovation leader, has been awarded a $276 million task order to support the Department of Defense (DOD) Information Analysis Center to conduct research and development (R&D) of critical minerals and materials for use in munitions and to promote energetics supply chain resiliency. Leidos was awarded this contract under the Department of Defense Information Analysis Center's (DoDIAC) multiple-award contract (MAC) vehicle. These IAC M ...

Earnings Performance - Leidos Holdings reported better-than-expected Q2 fiscal 2024 earnings with revenue growth of 8% YoY to $4.13 billion, surpassing the analyst consensus estimate of $4.06 billion [1] - Adjusted EPS for Q2 fiscal 2024 was $2.63, up 46% YoY, exceeding the analyst consensus estimate of $2.27 [1] Revenue and EPS Guidance - Leidos expects fiscal 2024 revenue to be in the range of $16.1 billion to $16.4 billion, slightly higher than the prior range of $16.0 billion to $16.4 billion [2] - The company raised its fiscal 2024 adjusted EPS guidance to $8.60 - $9.00, up from the prior range of $8.40 - $8.80, compared to the consensus estimate of $8.82 [2] Analyst Reactions - RBC Capital maintained a Sector Perform rating on Leidos but raised the price target from $140 to $145 [3] - JP Morgan maintained an Overweight rating on the stock and increased the price target from $165 to $175 [3] Market Performance - Leidos shares fell 2% to $143.04 following the earnings announcement [2]

Revenue Performance - Revenues for the three months ended June 28, 2024, increased to $561 million, a 2.6% increase from $547 million for the same period in 2023[91] - Revenues for the six months ended June 28, 2024, reached $1,070 million, reflecting a 3.3% increase from $1,036 million for the same period in 2023[91] Operating Income - Operating income for the three months ended June 28, 2024, was a loss of $11 million, a decrease of 132.4% compared to an income of $34 million for the same period in 2023[91] - Operating income for the six months ended June 28, 2024, was $23 million, down 51.1% from $47 million for the same period in 2023[91] Assets and Liabilities - Total current assets as of June 28, 2024, were $2,520 million, an increase from $2,464 million as of December 29, 2023[101] - Total assets as of June 28, 2024, amounted to $9,516 million, up from $9,222 million as of December 29, 2023[101] - Total current liabilities as of June 28, 2024, increased to $2,531 million from $1,983 million as of December 29, 2023[101] Net Income - Net income attributable to Leidos common stockholders for the six months ended June 28, 2024, was $89 million[102] Future Outlook - The company has a backlog of contracts that is expected to contribute to future revenue growth, although specific figures were not disclosed[90] - The company continues to evaluate market opportunities for expansion and new product development, focusing on efficiencies and program wins[90]

Leidos (LDOS) came out with quarterly earnings of $2.63 per share, beating the Zacks Consensus Estimate of $2.26 per share. This compares to earnings of $1.80 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 16.37%. A quarter ago, it was expected that this security and engineering company would post earnings of $1.65 per share when it actually produced earnings of $2.29, delivering a surprise of 38.79%. Over the last four quart ...

(1) Year ago acquisition and divestiture revenues reflect revenues from assets subsequently divested. For the three months ended June 30, 2023, Defense Systems segment acquisition and divestiture revenues include the divestiture of an immaterial asset that was completed on October 20, 2023. LEIDOS HOLDINGS, INC. UNAUDITED NON-GAAP FINANCIAL MEASURES [CONTINUED] (in millions, except per share data and margin percentages) The following tables present the reconciliation of non-GAAP operating income, net income ...

Leidos Holdings, Inc. Reports Second Quarter Fiscal Year 2024 Results • Revenues of $4.1 billion, up 8% year-over-year • Net income of $324 million or $2.37 per diluted share • Adjusted EBITDA (non-GAAP) of $559 million (13.5% margin) • Non-GAAP Diluted Earnings per Share of $2.63, up 46% year-over-year • Cash Flows from Operations of $374 million; Free Cash Flow (non-GAAP) of $351 million • Net Bookings of $4.0 billion (book-to-bill ratio of 1.0 for the quarter and 1.1 for trailing twelve months) RESTON, V ...

This five-year task order award establishes the long-term operations and sustainment construct that will expand support from just over 30,000 users to more than 160,000 users, including 14 additional DAFAs to be migrated to DoDNet. Leidos will help ensure the DoDNet environment is secure, scalable, and operational by providing resilient and flexible IT solutions, including cybersecurity support, systems engineering, network architecture and management, and comprehensive technical support. DoDNet is projecte ...

Leidos is a Fortune 500® innovation company rapidly addressing the world's most vexing challenges in national security and health. The company's global workforce of 47,000 collaborates to create smarter technology solutions for customers in heavily regulated industries. Headquartered in Reston, Virginia, Leidos reported annual revenues of approximately $15.4 billion for the fiscal year ended December 29, 2023. For more information, visit www.leidos.com. Media contact: Melissa Lee Dueñas (571) 526-6850 [emai ...

Leidos Holdings, Inc. (LDOS) is scheduled to release second-quarter 2024 results on Jul 30, after market close. The Zacks Consensus Estimate for revenues is pegged at $4.01 billion, implying a 4.5% improvement from the year-ago quarter's reported figure. The consensus mark for second-quarter earnings is pegged at $2.26 per share, suggesting a 25.6% surge from $1.85 reported in the prior-year quarter. The bottom-line estimate remained unchanged in the past 60 days. | --- | --- | --- | --- | --- | |-------|-- ...

Shares of this security and engineering company have returned +2.5% over the past month versus the Zacks S&P 500 composite's -0.3% change. The Zacks Aerospace - Defense industry, to which Leidos belongs, has gained 0.2% over this period. Now the key question is: Where could the stock be headed in the near term? Rather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the pr ...