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.