SAIC Shares Fall As Revenue Misses Target, Margins Decline
Science Applications International Corp. shares dropped in the extended session Monday after the defense contractor reported revenue below Wall Street targets and lower margins. SAIC shares fell nearly 12% to $72.05 after hours. The company reported fiscal first-quarter earnings of $1.08 a share on revenue of $1.1 billion. Analysts surveyed by FactSet had estimated earnings of $1.04 a share on revenue of $1.12 billion. "The first quarter margins were below expectations due to increased costs and investment on our platform integration programs as we work towards completing Marine Corps prototype vehicles," said SAIC CEO Tony Moraco in a statement.
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