US-based company Science Applications International Corporation (SAIC) has reported revenues of $1.83bn in the second quarter (Q2) of 2023 that ended on 29 July 2022.
The figure represents a decline of approximately $5m in revenue compared to the corresponding period last year.
The company has attributed this fall to low net favourable changes in contract estimates, high accelerated amortisation on some off-market liability contracts, and due to the acquisition of Halfaker in July this year.
The adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) as a percentage of revenue for the quarter dropped to 9.1%. It was 10.1% in same period in the previous year.
Diluted earnings per share for Q2 of the current year was $1.30, in comparison to $1.41 for same quarter in the year prior.
SAIC CEO Nazzic Keene said: “The investments we have made to build differentiated solutions in areas of Secure Cloud and Systems Integration position us well to gain share in a growing market.
“Our focus remains on converting a strong pipeline of opportunities into sustained, profitable growth and increased value for our shareholders.”
The report shows that the net bookings for the quarter were $2.1bn, representing a book-to-bill ratio of 1.1 and a trailing 12-month book-to-bill ratio of 1.0.
SAIC had a total backlog of approximately $24.3bn, of which $3.6bn was funded.
The recompete contracts during the quarter include a $104m contract extension by the US Department of State for providing engineering and design services for critical IT infrastructure.
Other new business awards include a $200m US Army contract, a $319m US Air Force contract, and a $163m contract from the US Navy.
SAIC has also increased revenue and adjusted diluted earnings per share guidance for fiscal year 2023 from $7.50bn to $7.55bn.