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SAIC Posts Lower Earnings On Acquisition Costs, Interest Expense

Cal Biesecker By
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SAIC Posts Lower Earnings On Acquisition Costs, Interest Expense
SAIC CEO Tony Moraco

Science Applications International Corp. [SAIC] on Tuesday reported lower net income in its second quarter due to costs associated with its recent acquisition of Scitor and higher interest expense related to its borrowings for the acquisition.Net income slid 35 percent to $22 million, 46 cents earnings per share (EPS), from $34 million (70 cents EPS). Adjusting for the acquisition and integration costs related to the $764 million Scitor deal, per share earnings in the quarter were 66 cents, topping consensus…

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