SRA International, Inc. (SRX), a provider of technology and strategic consulting services and solutions to government organizations and commercial clients, Monday, announced that its profit for the second quarter of fiscal year 2010 has increased sharply from the previous year quarter.
The company recorded net income for the second quarter of $19.18 million or $0.33 per share, compared to $10.83 million or $0.19 per share in the year-ago quarter. Operating income for the quarter was $28.1 million, for an operating margin of 6.8%.
Revenue for the quarter was $413.5 million, up 12.0% from $369.3 million in the previous year quarter. All of the revenue growth was organic.
Analysts polled by Thomson Reuters expected the company to earn $0.28 per share, on revenues of $396.63 million for the quarter. Analysts estimates typically exclude special items.
SRA won new business in the second quarter with potential value of $412 million. and with a total potential value of $1.3 billion, for a book to bill ratio of 1.6. As of December 31, 2009, the company's backlog of signed business orders was $4.4 billion, up 13% year-over-year, and the funded portion of backlog was $845 million.
For the six months, net income increased to $37.23 million or $0.64 per share from $26.24 million or $0.46 per share in the prior year period. Revenue for the six months increased to $830.99million from $761.67million in the previous year period.
Looking ahead for fiscal 2010, the company now expects earnings to be in the range of $1.22 to $1.29 per share, on revenues of $1.63 billion to $1.665 billion. Previously the company expected earnings of $1.15 to $1.25 per share on revenues of $1.6 billion to $1.645 billion.
Analysts currently expect earnings of $1.22 per share on revenues of $1.64 billion for fiscal 2010.
SRX closed Monday's regular trading at $16.77 down $0.16 or 0.95% on the NYSE.
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