- Leidos Holdings, Inc LDOS reported first-quarter FY22 revenue growth of 5% year-on-year to $3.49 billion, beating the consensus of $3.38 billion. Revenue grew 4% organically.
- The most significant revenue contributors were the start-up of the Navy Next Generation Enterprise Network Recompete (NGEN-R) Service Management, Integration and Transport (SMIT) contract and the increased deployments on the Defense Healthcare Management System Modernization (DHMSM) program.
- Defense Solutions' revenue rose 5% Y/Y to $2.05 billion. Civil revenue grew 4% to $795 million. Health revenue expanded 10% Y/Y to $650 million.
- Net bookings totaled $5.4 billion, representing a book-to-bill ratio of 1.6. As a result, the backlog was $36.3 billion.
- The adjusted EBITDA margin contracted by 150 bps to 10.2%.
- Non-GAAP EPS of $1.58 beat the consensus of $1.50.
- Leidos held $297 million in cash and equivalents and generated $93 million in operating cash flow.
- Chair and CEO Roger Krone commented, "Our first quarter marked a strong start to 2022, with record levels of revenues and backlog stemming from our leadership position in the government technology market."
- Dividend: The board declared a cash dividend of $0.36 per share, payable on June 30, 2022, to stockholders of record on June 15, 2022.
- Outlook: Leidos reiterated FY22 revenue guidance of $13.9 billion - $14.3 billion, versus the consensus of $14.1 billion.
- Leidos sees non-GAAP EPS of $6.10 - $6.50 versus the consensus of $6.50.
- Price Action: LDOS shares traded lower by 0.56% at $102.93 on the last check Tuesday.
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