HARTFORD, Conn. (AP) ¿ Shares of SAIC Inc. rose in premarket trading Thursday, a day after the defense contractor said its fiscal first-quarter profit grew 13 percent as revenue rose on U.S. military spending on defense logistics and cybersecurity. Anurag Rana, an analyst at KeyBanc Capital Markets, increased his 2010 profit estimate for the company to $1.25 per share from $1.23 per share. He initiated a 2011 earnings estimate of $1.41 per share. Analysts surveyed by Thomson Reuters expect earnings of $1.23 per share for 2010 and $1.37 for 2011. The San Diego, Calif.-based contractor said late Wednesday that revenue rose nearly 12 percent, to $2.65 billion from $2.37 billion, on higher sales of logistics, defense information technology and cybersecurity. "In our view, the significant revenue beat was the most impressive aspect of the quarter," Rana said. He also said SAIC has a solid balance sheet, with cash and equivalents of $898 million and long-term debt of $1.1 billion. SAIC, which also makes systems for drones that are being used for surveillance in Afghanistan, earned $116 million, or 28 cents per share, in the quarter ended April 30. It recorded net income of $103 million, or 24 cents per share, in the year-earlier period. The results beat estimates of analysts surveyed by Thomson Reuters, who had forecast earnings of 27 cents per share on revenue of $2.51 billion. Shares rose 71 cents, or 4 percent, to $18.31.
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