SAIC stock jumps after profit rises well above expectations, full-year outlook raised

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SAIC stock jumps after profit rises well above expectations, full-year outlook raised
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Shares of Science Applications International Corp. jumped 5% in premarket trading Monday, after the maker of components for the defense and space markets...

Shares of Science Applications International Corp.

jumped 5% in premarket trading Monday, after the maker of components for the defense and space markets reported fiscal first-quarter profit that was well above expectations and boosted its full-year outlook. Net income for the quarter to May 5 rose to $98 million, or $1.79 a share, from $74 million, or $1.29 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $2.14 beat the FactSet consensus of $1.83. Revenue grew 1.6% to $2.

jumped 5% in premarket trading Monday, after the maker of components for the defense and space markets reported fiscal first-quarter profit that was well above expectations and boosted its full-year outlook. Net income for the quarter to May 5 rose to $98 million, or $1.79 a share, from $74 million, or $1.29 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $2.14 beat the FactSet consensus of $1.83. Revenue grew 1.6% to $2.

raised its guidance ranges for adjusted EPS to $7.00 to $7.20 from $6.80 to $7.00 and for revenue to $7.125 billion to $7.225 billion from $7.05 billion to $7.20 billion. The stock has lost 7.1% over the past three months through Friday, while the S&P 500 SPX has gained 5.9%.

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