Benzinga - by Anusuya Lahiri, Benzinga Editor.
Leidos Holdings, Inc (NYSE: LDOS) reported third-quarter FY23 revenue growth of 9% year-over-year to $3.92 billion, beating the consensus of $3.77 billion.
The results reflect increased demand across all customer segments, especially for digital modernization and medical examination solutions.
The company clocked an adjusted EPS of $2.03, up 28% year-over-year, beating the consensus of $1.67.
Adjusted net income was $283 million for the second quarter, up 28% year-over-year.
Adjusted EBITDA was $451 million, up 21% year-over-year. Adjusted EBITDA margin of 11.5% increased from 10.3% in the third quarter of 2022.
Net bookings totaled $7.9 billion in Q3, representing a book-to-bill ratio 2.0.
As a result, the backlog at the end of the quarter was $38.0 billion, of which $9.0 billion was funded.
Leidos held $750 million in cash and equivalents by the end of the quarter.
Outlook: Leidos raised FY23 revenue guidance to $15.1 billion - $15.3 billion (prior $14.9 billion-$15.2 billion). The analyst consensus stands at $15.12 billion.
The company increased its FY23 adj EPS outlook to $6.80 - $7.10 (prior $6.40 - $6.80) versus the $6.68 consensus.
Price Action: LDOS shares are trading higher by 2.70% at $94.27 premarket on the last checked Tuesday.
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