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

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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