Leidos Lifts FY24 Outlook Above Market After Q3 Beats Street; Stock Up In Pre-market

(RTTNews) - Engineering company Leidos Holdings, Inc. (LDOS), while reporting a profit in its third quarter compared to prior year's loss, on Tuesday lifted its outlook for fiscal 2024 above market estimates.

In pre-market activity on the NYSE, Leidos shares were gaining around 3.7 percent to trade at $176.00.

For fiscal 2024, the company now expects adjusted earnings per share of $9.80 to $10.00, higher than previously expected $8.60 to $9.00.

Revenues are now projected to be $16.35 billion to $16.45 billion, compared to revenues of $16.10 billion to $16.40 billion expected earlier.

Analysts on average expect the company to report earnings of $9.08 per share on revenues of $16.30 billion, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

In its third quarter, net income was $362 million or $2.68 per share, compared to prior year's net loss of $396 million or $2.91 per share.

Adjusted net earnings per share were $2.93, compared to $2.03 last year.

Revenues grew 7 percent to $4.19 billion from $3.92 billion a year ago.

The Street was looking for earnings of $2.02 per share on revenues of $4.07 billion.

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