Science Applications International Corp [SAIC] (SAIC), a leading technology integrator providing full lifecycle services and solutions in the technical, engineering, intelligence, and enterprise information technology markets, has reported its financial results for the six months ended August 4, 2023. During this period, the company achieved a net income of $345 million and generated annual revenue of $3.8 billion.
SAIC's financial performance for the period reflects a solid growth in net income compared to the same period of the previous year. The company's net income increased from $148 million to $345 million, indicating a significant improvement in profitability. Additionally, SAIC reported operating income of $519 million, demonstrating the effectiveness of its business operations.
SAIC's revenue for the six months ended August 4, 2023, remained stable at $3.8 billion, compared to $3.8 billion in the previous year. This steady revenue growth showcases the company's ability to consistently meet client demands and deliver high-quality solutions. SAIC's commitment to customer satisfaction and a diversified portfolio has contributed to the maintenance of its revenue levels.
The balance sheet of SAIC reflects the company's sound financial stability. As of August 4, 2023, SAIC had total assets of $5.7 billion, including cash and cash equivalents of $352 million. The company's current liabilities stood at $1.2 billion, primarily driven by accounts payable and accrued liabilities. SAIC's long-term debt, net of current portion, amounted to $2.2 billion. These financial figures demonstrate SAIC's ability to manage its operations and meet its financial obligations effectively.
SAIC reported earnings per share of $6.40 on a basic basis and $6.35 on a diluted basis for the six months ended August 4, 2023. These figures represent a significant improvement compared to the previous year, highlighting the company's strong financial performance and its ability to generate value for its shareholders. The increase in earnings per share reflects SAIC's focus on operational excellence and efficient capital allocation.
Looking ahead, SAIC is well-positioned to capitalize on the growing demand for advanced technology solutions and services. The company's diverse portfolio, combined with its expertise in the technical, engineering, and information technology sectors, provides a strong foundation for future growth. SAIC remains committed to delivering innovative solutions to its clients, driving operational efficiency, and creating long-term value for its shareholders.
In conclusion, Science Applications International Corp has reported a strong financial performance for the six months ended August 4, 2023, with a net income of $345 million and annual revenue of $3.8 billion. The company's solid financial stability, reflected in its balance sheet, coupled with its focus on delivering value to its shareholders, positions SAIC for continued growth and success in the future.