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Business/Financial

SAIC Posts Higher Sales But Earnings Fall On Acquisition, COVID Costs

By Cal Biesecker

Friday, June 5th, 2020

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SAIC Posts Higher Sales But Earnings Fall On Acquisition, COVID Costs

SAIC CEO Nazzic Keene. Photo: SAIC

Science Applications International Corp. [SAIC] last Thursday after the markets closed reported higher first quarter sales driven mainly by its recent acquisition of the federal division of Unisys [UIS] but net income fell due to costs related to acquisitions, impacts from COVID-19 pandemic and higher interest expense. Net income slid 35 percent to $36 million, 62 cents earnings per share (EPS), from $55 million (92 cents EPS, a year ago. Operating margins declined 140 basis points to 4.4 percent. Adjusting…

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