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Business/Financial

Leidos Posts Declines In Sales, Income

By Cal Biesecker

Wednesday, June 4th, 2014

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Leidos Posts Declines In Sales, Income

Leidos received a potential $87 million subcontract from Oregon Iron Works for work on the Special Operations Command Mk-1 Combatant Craft Medium. Photo: OIW

Amid continued headwinds in government spending and losses from discontinued operations, Leidos [LDOS] on Wednesday reported drops in first quarter net income and sales, although earnings results beat analysts’ expectations after stripping out losses from businesses the company is preparing to divest. Net income tumbled nearly 50 percent to $31 million, 47 cents earnings per share (EPS), from $81 million (92 cents EPS) a year ago. Excluding discontinued operations, operating income was $46 million (59 cents EPS), a 15 percent…

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