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Leidos Q1 Profit Beats Estimates, Lifts Earnings Guidance; Names Christopher Cage CFO

Leidos Holdings, Inc. (LDOS) reported first quarter non-GAAP EPS of $1.73, compared to $1.19, last year. On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $1.48, for the quarter. Analysts' estimates typically exclude special items.

First quarter operating income was $308 million, compared to $192 million, last year, a 60.4% increase. Earnings per share was $1.42, compared to $0.80.

First quarter revenues were $3.32 billion, compared to $2.89 billion, a 14.7% increase. Organic revenue increased 8.9%, for the quarter. Analysts expected revenue of $3.25 billion, for the quarter.

For 2021, the company now expects non-GAAP EPS of $6.35 to $6.65, up from previous guidance of $6.15 to $6.45. Revenues are projected in a range of $13.7 billion to $14.1 billion, unchanged from previous guidance.

Separately, Leidos announced the appointment of Christopher Cage as Chief Financial Officer, effective July 5, 2021. Cage, who currently serves as Leidos' SVP, Chief Accounting Officer, will succeed James Reagan.

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