Leidos has reported revenues of $3.61bn within the third quarter (Q3) of 2022, representing a 4% improve in comparison with $3.48bn for a similar interval final 12 months.

The corporate has attributed this improve to a number of the main contracts, together with the Navy’s next-generation enterprise community recompete (NGEN-R) service administration, integration and transport (SMIT) contract.

Throughout the quarter that ended on 30 September, the corporate posted a year-over-year (YoY) decline of 21% and 18% in internet revenue and diluted earnings per share (EPS), respectively.

Web revenue was $164m and EPS was $1.17, whereas the final 12 months’s internet revenue was $208m and EPS was $1.43.

The corporate stated that the autumn in figures is because of the ‘unrealised loss’ that got here together with the opposite foreign money ahead contract for the acquisition of Cobham Aviation Companies Australia.

Adjusted earnings earlier than curiosity, taxes, depreciation, and amortisation (EBITDA) have been $372m for this quarter. It reveals an 8% YoY decline from $403m final 12 months in Q3.

Leidos CEO and chairman Roger Krone stated: “Our Q3 outcomes reveal momentum in our enterprise as we proceed to report income development on the higher finish of our steering throughout our diversified portfolio.

“As well as, our devoted crew delivered earnings in extra of forecast and generated [the] highest quarterly cash-flow from operations in historical past.

“These outcomes place us nicely to ship on our full-year monetary targets as we make the world safer, more healthy, and extra environment friendly.”

Leidos’ internet bookings for the reported quarter totalled $4.1bn, with a book-to-bill ratio of 1.1.

It additional represents a backlog of $35bn on the finish of the quarter. Roughly $7.4bn of this worth was funded.

Some important contracts for this quarter included the US Division of Protection’s $1.5bn Sentinel award.

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