Wednesday, SRA International Inc. (SRX), a provider of air surveillance and air traffic management, reported that its profit for the first-quarter increased from the previous year quarter. The company also revised its revenue and earnings guidance for fiscal 2010.
The company posted net income of $18.05 million or $0.31 per share versus $15.41 million or $0.27 per share last year.
On average, 14 analysts polled by Thomson Reuters expected the company to report a profit of $0.29 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter was $417.5 million, up 6.4% from $392.4 million last year. Analysts expected revenue of $402.56 million for the quarter.
Operating income for the quarter was $30.0 million, for an operating margin of 7.2%. Organic revenue growth was 8.4%.
For the full year 2010, revenue is now expected to be in the range of $1.6 billion to $1.645 billion. Earnings per share is expected to be in the range of $1.15 to $1.25.
Fairfax, Virginia-based SRA won new business in the first quarter with potential value of $933 million, for a book to bill ratio of 2.2. As of September 30, 2009, the company's backlog of signed business orders was $4.5 billion, up 9% year-over-year, and the funded portion of the backlog was $832 million.
SRX closed Wednesday's regular trading at $18.81 down $0.16 or 0.84% on a volume of 0.289 million shares on the NYSE.
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