SAN FRANCISCO -- Defense contractor and tech services firm
beat second-quarter profit targets on strong sales of its core products and services.
Net income rose to $131 million, or 31 cents a share, from $103 million, or 30 cents a share, a year earlier. Stripping out discontinued operations, the company earned 24 cents a share, topping analysts' average estimate of 21 cents, according to Thomson Financial.
Revenue was $2.2 billion, up 11%, or 8% when factoring out gains from acquisitions, edging past analysts' consensus estimate. The company said it benefited from contracts related to global positioning systems, equipment for border and port security, and engineering and systems integration work.
SAIC booked $1.9 billion in new projects, representing a book-to-bill ratio of 0.9.
Cash flow from operations rose 22% to $257 million, helped by faster collection of accounts receivable.
"The company posted strong financial results for the second quarter," said Chief Executive Ken Dahlberg. "We met all of our financial objectives and are on track for an excellent year."
The company reaffirmed its full-year earnings target of 83 cents to 88 cents a share on revenue of $8.7 billion to $9 billion. Analysts, on average, are expecting earnings of 85 cents a share on revenue of $8.8 billion.
Shares were recently up 9 cents, or 0.5%, to $17.95 in after-hours trading.