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May 4, 2022

Leidos posts 5% increase in first-quarter revenues

However, the company’s net income dropped by 14% from $205m in Q1 2021 to $177m in Q1 2022.

Leidos reported revenues of $3.5bn in the first quarter of the fiscal year 2022, marking a 5% increase compared to $3.3bn posted in the prior-year period.

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The figure also represents a 4% organic growth compared to the prior-year period.

In the three-month period that ended on 1 April 2022, the company reported revenue growth across all reportable segments.

However, the company’s net income decreased by 14% from $205m in Q1 2021 to $177m in Q1 2022 due to an adjustment to legal reserves associated with the Mission Support Alliance (MSA) joint venture.

Diluted earnings per share (EPS) was $1.25 in the first quarter of 2022, down from $1.42 recorded a year-ago period.

Adjusted EBITDA also dropped 8% YoY to $358m.

Leidos chairman and CEO Roger Krone said: “Our first quarter marked a strong start to 2022, with record levels of revenues and backlog stemming from our leadership position in the government technology market.

“We continued to build our reputation and track record of performance in digital technology, cyber, and innovative systems across our diversified, resilient business portfolio.

“Our strong first-quarter results and the improving federal budget picture increase our confidence in delivering on our full-year financial commitments.”

The company’s net bookings in the quarter totalled $5.4bn. As a result, backlog at the end of the quarter was a record $36.3bn.

Some of the key awards include a prime contract by the US Army to modernise gunnery training simulation systems.

Leidos subsidiary Gibbs & Cox secured a US Navy contract to offer Surface Combatant Ship Design Engineering Services in support of Future Surface Combatant Programs.

Leidos also secured a Defense Enclave Services (DES) contract in the first quarter of 2022 from the US Defense Information Systems Agency (DISA).

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