The shares of Science Applications International Corporation (NYSE: SAIC) experienced a notable ascent of 13.41% on the US stock charts this Monday, concluding at a value of $136.00. This upward trajectory in the SAIC stock followed the release of its quarterly financial results.
Science Applications (SAIC) disclosed its performance for the third quarter ending on November 3, 2023. In order to assert and maintain its market leadership, SAIC is directing its strategic efforts across four pivotal dimensions of the business: innovation & solutions, go-to-market strategies, cultural enhancements, and brand development.
As SAIC progresses in the execution of this strategic plan, the company is witnessing promising early signs of success, advancing against predefined milestones for the upcoming quarters and years. The financial results for the third quarter underscore that SAIC is entering the subsequent phase of its strategy from a position of considerable strength.
The quarterly revenues for Science Applications experienced a decrease of $14 million or 1%, compared to the corresponding period in the previous year. This decline in revenue was predominantly attributed to the sale of the logistics and supply chain management business for $161 million, the deconsolidation of the Forfeiture Support Associates J.V. (FSA) for $35 million, and contract completions.
These factors were partially offset by the ramp-up on existing and new contracts. Adjusting for the impact of the divestiture of the Supply Chain Business and the deconsolidation of FSA, the revenues exhibited a growth of 10.6%.
For the quarter, diluted profits per share were $1.76, compared to $1.45 in the same period last year. During the quarter, there were 53.3 million weighted-average diluted shares outstanding, down from 55.5 million in the same quarter of the prior year.
The Science Applications Board of Directors announced after the quarter ended that shareholders of record on January 12, 2024 will receive a cash dividend of $0.37 per share of the company’s ordinary stock, payable on January 26, 2024.
