Leidos Holdings Profit Slips, Yet Beats Estimates; Updates FY22 Outlook

(RTTNews) - Leidos Holdings, Inc. (LDOS) Tuesday announced a decline in third-quarter profit from the previous year yet beat estimates. Revenues were slightly up compared to the prior year.

The quarterly earnings were $164 million, lower than $208 million in the previous year. On a per-share basis, earnings were $1.17, compared to $1.43 last year. On an adjusted basis earnings were $1.59 per share.

On average, 14 analysts polled by Thomson Reuters expected the company to earn $1.57 per share

Revenue for the quarter increased to $3.608 billion from $3.483 billion a year ago. Analysts expected $3.56 billion.

Looking ahead to the full year 2022, the company now expects adjusted earnings in a range of $6.20-$6.40 per share, while the previous outlook was in a range of $6.10-$6.50 per share. Wall Street's outlook is $6.36 per share.

Revenue for the quarter is currently projected to be in the range of $14.2-$14.4 billion, while the earlier projection was in the range of $13.9-$14.3 billion. Analysts expect $14.23 billion.