SRA International [SRX] yesterday reported higher second quarter earnings and sales, which were driven largely by acquisitions.
Net income increased 8 percent to $18 million, 30 cents earnings per share (EPS), compared to $16.7 million (29 cents EPS), a year ago, nipping consensus estimates by a penny. A year ago the sale of a business unit boosted earnings by $3.7 million.
Sales in the quarter were $352.3 million, a 19 percent increase from $299 million a year ago. Organic growth was just under 3 percent.
SRA said its backlog of signed business orders was up 5 percent from a year ago to $3.9 billion. The company said it was a winner in the quarter of a multiple award contract with a potential value of up to $1 billion over five years for information technology services to an intelligence customer. SRA also disclosed that in the second quarter it won a $67 million task order from a civil government customer.