On August 6, Leidos rose 5.25% in regular trading, trading at $133.555/share, with turnover of $62.78 million, as the market continued to digest the company's strong Q2 earnings report and upward revision of full-year guidance.

Leidos reported Q2 adjusted earnings of $3.26 per diluted share, beating the analyst consensus estimate of $2.91 by approximately 12%, while revenue of $4.56 billion exceeded the $4.437 billion estimate and grew 7% year-over-year. Based on strong business execution, the company raised its full-year revenue guidance to $18.2 billion-$18.4 billion and non-GAAP diluted EPS to $12.20-$12.50, both above Wall Street consensus expectations. This marks the second consecutive quarter of beats, following Q1 adjusted EPS of $3.13 versus the $2.90 estimate.

Within the Research & Consulting Services sector, peer CACI International Inc surged 20.62%, indicating broad strength among government IT and defense services contractors. Earlier this year, multiple investment banks had trimmed price targets on Leidos citing uncertainty in its health and defense portfolio, but consecutive earnings beats appear to be restoring market confidence.

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