Leidos has reported revenues of $3.61bn in the third quarter (Q3) of 2022, representing a 4% increase compared to $3.48bn for the same period last year.

The company has attributed this increase to some of the major contracts, including the Navy’s next-generation enterprise network recompete (NGEN-R) service management, integration and transport (SMIT) contract.

During the quarter that ended on 30 September, the company posted a year-over-year (YoY) decline of 21% and 18% in net income and diluted earnings per share (EPS), respectively.

Net income was $164m and EPS was $1.17, whereas the last year’s net income was $208m and EPS was $1.43.

The company said that the fall in figures is due to the ‘unrealised loss’ that came along with the other currency forward contract for the acquisition of Cobham Aviation Services Australia.

Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) were $372m for this quarter. It shows an 8% YoY decline from $403m last year in Q3.

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Leidos CEO and chairman Roger Krone said: “Our Q3 results demonstrate momentum in our business as we continue to report revenue growth at the upper end of our guidance across our diversified portfolio.

“In addition, our dedicated team delivered earnings in excess of forecast and generated [the] highest quarterly cash-flow from operations in history.

“These results position us well to deliver on our full-year financial targets as we make the world safer, healthier, and more efficient.”

Leidos’ net bookings for the reported quarter totalled $4.1bn, with a book-to-bill ratio of 1.1.

It further represents a backlog of $35bn at the end of the quarter. Approximately $7.4bn of this value was funded.

Some significant contracts for this quarter included the US Department of Defense’s $1.5bn Sentinel award.