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Tax Benefit Boosts SAIC’s Income In Second Quarter But Sales Dip On Federal Contracting Challenges

Cal Biesecker By
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Tax Benefit Boosts SAIC’s Income In Second Quarter But Sales Dip On Federal Contracting Challenges
SAIC CEO Toni Townes-Whitley. Photo: SAIC

Science Applications International Corp. [SAIC] on Thursday posted mixed financial results in its second quarter with sales down slightly due to several government contracting challenges, and net income up on a tax benefit and improved operating results. Net income increased 57 percent to $127 million, $2.71 earnings per share (EPS), from $81 million ($1.58 EPS) a year ago. Excluding a federal tax settlement, depreciation, amortization, acquisition and impairment costs, adjusted earnings of $3.63 EPS crushed consensus estimates of $2.24 per…

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