Shares of Science Applications International Corp (SAIC) tumbled 6.53% in pre-market trading on Monday following the release of its fiscal first-quarter earnings report. The government services contractor reported mixed results, with an earnings miss overshadowing a slight revenue beat.
For the quarter ended May 2, SAIC posted adjusted earnings of $1.92 per share, falling short of the FactSet consensus estimate of $2.12. This disappointing figure likely contributed significantly to the stock's pre-market decline. On a more positive note, the company's revenue for the quarter came in at $1.88 billion, marginally surpassing analysts' expectations of $1.87 billion.
Despite the earnings setback, SAIC's management remains optimistic about the company's outlook. They reaffirmed the fiscal year 2026 guidance, projecting adjusted earnings per share in the range of $9.10 to $9.30 and revenue between $7.60 billion and $7.75 billion. CEO Toni Townes-Whitley commented on the results, stating, "Our performance in the first quarter reflects the steady progress we are making against our enterprise growth strategy despite a still dynamic operating environment." However, this reassurance seems to have done little to assuage investor concerns in the immediate aftermath of the earnings release.
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