SAIC Grabs Space & Intelligence Contracts Worth $348M in Q3
SAIC wins contracts worth $348 million in Q3 from the space and intelligence communities that involve highly-specialized services in digital engineering and information technology modernization.
Science Applications International Corporation SAIC announced last week that it has secured $348 million worth of contracts from the space and intelligence communities in the third quarter of fiscal 2022.
The company disclosed that most of the contracts involve highly-specialized services in digital engineering, IT modernization and mission operations areas. The clients requiring these services belong to the classified space and intelligence communities.
The quarterly total includes a contract worth $100 million, under which Science Applications International Corporation is required to provide digital and systems engineering solutions to a classified space customer. It also includes an initial award of a $46 million contract from a classified customer to deliver IT solutions.
Continuous Flow of Contracts for SAIC
Science Applications International Corporation is benefiting from the continued flow of high-value contracts. A record level of awards reflects its disciplined business-development actions, consistent operational excellence and high customer satisfaction. As of Jul 31, 2021, the company’s total contract backlog was $24 billion.
Moreover, the government as a big client lends stability to business and moderates fluctuation in revenues.
On Nov 16, SAIC revealed receiving a U.S. Navy contract worth $556 million to modernize its human resources service to sailors, their families and future recruits. On Nov 4, the company announced that it was awarded a defense contract worth $93 million to provide R&D, engineering, testing, integration, cybersecurity, upgrades and sustainment for numerous tactical threat systems to the U.S. Navy.
In July, SAIC secured a five-year, $85 million, single-award, cost-plus-fixed-fee contract from the U.S. Navy. Per the deal, the company will continue to provide software engineering, DevSecOps, cloud migration, and cyber support to the U.S. Navy’s Joint Expeditionary Command and Control family of systems.
In June, SAIC received a five-year, $126-million, single-award task order from the Department of Defense Information Analysis Center to provide R&D support to the U.S. Army Combat Capabilities Development Command Ground Vehicle Systems Center.
Zacks Rank & Stocks to Consider
Science Applications International Corporation currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader technology sector include Google parent Alphabet GOOGL, Cirrus Logic CRUS and Diodes DIOD, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Alphabet’s fourth-quarter 2021 earnings has been revised upward by $1.87 to $26.72 per share over the past 30 days. For 2021, earnings estimates have been moved upward by $5.99 to $107.86 per share in the last 30 days.
Alphabet’s earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 41.5%. Shares of the GOOGL stock have rallied 69.9% in the year-to-date (“YTD”) period.
The consensus mark for Cirrus Logic’s third-quarter fiscal 2022 earnings has been raised to $2.15 per share from $2.10 per share 30 days ago. For fiscal 2022, earnings estimates have been revised upward by 38 cents to $5.37 per share in the last 30 days.
Cirrus Logic’s earnings beat the Zacks Consensus Estimate thrice in the preceding four quarters while missed the same on one occasion, the average positive surprise being 14.9%. Shares of the CRUS stock have declined 0.7% YTD.
Diodes’ consensus estimate for fourth-quarter 2021 earnings has been revised upward by 23.9% to $1.45 per share over the past 30 days. For 2021, earnings estimates have been moved upward by 6.3% to $5.06 per share over the last 30 days.
Diodes’ earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 10%. Shares of the DIOD stock have rallied 56% YTD.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Diodes Incorporated (DIOD): Free Stock Analysis Report
Cirrus Logic, Inc. (CRUS): Free Stock Analysis Report
Science Applications International Corporation (SAIC): Free Stock Analysis Report
Alphabet Inc. (GOOGL): Free Stock Analysis Report
To read this article on Zacks.com click here.