US-based company Leidos has posted a nearly 7% year-on-year (YoY) increase in revenues for the fourth quarter of 2021.

In the three-month period that ended on 31 December 2021, the company’s revenues totalled $3.49bn. The figure was $3.25bn in the same quarter a year ago.

The company attributed the increase to organic growth across all reportable segments.

Leidos’ annual revenues for the fiscal year amounted to $13.74bn, up 12% compared to the $12.29bn recorded in the year that ended on 1 January 2021.

The company’s quarterly net income dropped YoY to $176m, from $197m, with diluted earnings per share down 10%, to $1.23.

The company’s annual net income in 2021 was $759m, up from $629m recorded in 2020.

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Adjusted EBITDA decreased marginally in the fourth quarter to $359m while the adjusted EBITDA margin dropped from 11.3% in Q4 2020, to 10.3% in Q4 2021.

The company’s cash flows from operations totalled $210m for fourth quarter. The figure was $1.03bn for the fiscal year 2021.

Net bookings in the fourth quarter were $3.2bn, and $15.5bn for the fiscal year 2021.

Leidos chairman and CEO Roger Krone said: “2021 was a banner year for Leidos, with industry-leading organic revenue growth and expanded profitability.

“In addition, we enhanced our market presence during the year with strategic acquisitions and investments that added important technical capabilities.

“Despite the ongoing impact of Covid-19, and an extended continuing resolution, we are positioned to grow in 2022, bolstered by our scale, differentiated technical offerings, and dedicated workforce.”

Leidos provides engineering, and science solutions and services to the defence and intelligence markets, along with other sectors.

The company recently secured a contract to upgrade the US Army gunnery training simulators.