NEW YORK (TheStreet) -- Leidos Holdings (LDOS) shares closed trading down 7.58% to $39.63 on Tuesday following the release of the engineering and technology company's first quarter earnings results before the opening bell today.
The Reston, VA-based company reported first quarter net income of $41 million, or 65 cents per diluted share, 5 cents better than the 60 cents per share the company earnings in the year ago period and 6 cents better than Capital IQ's 59 cent consensus estimates.
The company reported that revenues fell 5% year over year to $1.25 billion but still managed to top analysts' $1.21 billion expectations.
However, the company also issued weak full year guidance between $2.20 and $2.45 per share, short of analysts consensus $2.60 per share expectations.
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