Why Science Applications International Stock Is Tumbling Today
Shares of Science Applications International (NYSE: SAIC) fell on Friday following the defense tech company's earnings release. Results weren't bad, but the guidance threw investors for a loop. As of 1:07 p.m. EDT, shares were down 18%.
After markets closed Thursday, Science Applications International reported fiscal fourth-quarter adjusted earnings of $1.67 per share, easily beating the $1.45 estimate. But revenue came in a little light, and a lot of that beat was tied to tax rates and other non-operations factors.
The real disappointment was the company's outlook. It said it expects fiscal 2022 adjusted earnings between $6 and $6.25 per share on revenue of $7.1 billion to $7.3 billion. That's well below the consensus estimate of $7.20 per share on $7.62 billion in sales.
Source Fool.com
