Leidos reports 14.7% growth in first quarter revenue
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Leidos reports 14.7% growth in first quarter revenue

05 May 2021 (Last Updated May 5th, 2021 12:38)

Leidos Holdings has posted a 14.7% year-over-year jump in quarterly revenue driven by organic growth across all business segments.

Leidos Holdings has posted a 14.7% year-over-year jump in quarterly revenue driven by organic growth across all business segments.

The company’s total revenue for the first three month period of the year amounted to $3.32bn. The figure was $2.89bn in the same quarter of the previous year.

The increase was primarily attributed to programme wins, a net increase in volumes on certain programmes, as well as growth achieved from earlier acquisitions.

Leidos’ operating income for the quarter was $308m, a 60.4% jump compared to $192m in Q1 2020.

The operating income margin also increased from 6.6% to 9.3%.

In Q1 2021, the company’s Defense Solutions arm recorded revenue of $1.96bn. The figure increased by $253m, or 14.8%, compared to the corresponding period a year ago.

The quarterly revenues of the Civil and Health segments also increased by 17.1% and 11.5% respectively.

Furthermore, net bookings in the quarter totalled $3.8bn.

Leidos chairman and CEO Roger Krone said: “First quarter results reflect the perseverance, focus and tremendous execution of our employees and business partners.

“New quarterly record levels of revenue, non-GAAP EPS and backlog were achieved, and significant organic growth was delivered across all business segments. This early momentum favourably positions Leidos to deliver on our full-year financial commitments.”

In the fiscal year 2021, the company’s revenue is expected to be between $13.7bn and $14.1bn.

Headquartered in Reston, Virginia, US, Leidos provides IT, engineering, and science-related services and solutions to defence, intelligence, civil and health markets. The company has around 39,000 employees.