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Tough Government Spending Environment Trims Earnings And Sales At SAIC

Defense Daily Staff Defense Daily Staff
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SAIC [SAI] on Wednesday posted lower sales and earnings in its second quarter due to the challenging federal spending environment facing the government contractor community. Net income fell 6 percent to $178 million, 50 cents earnings per share (EPS), versus $190 million (50 cents EPS) a year ago. Earnings were boosted by the sale of an information technology services business focused on the oil and gas industries, which added $66 million (18 cents EPS) after taxes. Excluding the gain from…

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