Defense contractor SAIC Inc. (SAI), Tuesday reported a better-than-expected fourth-quarter profit, compared to a loss last year, when it incurred revenue reductions from the CityTime loss provision.
The company declared a quarterly cash dividend of $0.12 per share payable on April 30 to stockholders as of April 15, and a special cash dividend of $1.00 per share payable on June 28 to stockholders as of June 14.
Shares of the company are up 3.5 percent in after-hours trade on the New York Stock Exchange.
The McLean, Virginia-based company reported fourth-quarter net income of $182 million or $0.54 per share, compared to a net loss of $161 million or $0.49 per share last year.
On average, 11 analysts polled by Thomson Reuters expected earnings of $0.52 per share for the quarter.
SAIC, which provides engineering and technical services to the U.S. Defense and Homeland Security departments, said revenues for the quarter grew 10 percent to $2.71 billion from $2.47 billion a year ago.
Analysts had a consensus revenue estimate of $2.71 billion for the quarter.
Results for the prior year reflected $358 million in revenue reductions from the CityTime loss provision.
Revenues at Defense Solutions segment soared 32 percent from last year. Excluding the prior year CityTime loss provision, revenues decreased 7 percent, due to reduced activity on a number of programs.
Health Energy and Civil Solutions segment revenues fell 4 percent, mainly hurt by declines in federal civilian programs and reduced design-build volume related to energy plant construction projects.
Revenues at Intelligence and Cybersecurity Solutions segment were almost unchanged from a year ago.
Meanwhile, cost of revenues for the quarter decreased to $2.38 billion from $2.48 billion last year.
For fiscal year 2014, SAIC expects earnings from continuing operations of $1.16 to $1.33 per share on revenues of $10 billion to $10.7 billion. Analysts currently estimate earnings of $1.27 per share for the year, on revenues of $10.82 billion.
In August, SAIC announced splitting into two independent, publicly traded companies, focused on government technical services and enterprise information technology. The spin-off is expected to occur in fiscal year 2014.
SAIC closed Tuesday at $12.82, down 0.54%, on a volume of 6.3 million shares on the NYSE. In after hours, the stock gained 3.51%.
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