Defense firm Leidos raises outlook on robust weapons demand
31/10/2023 11:57
Oct 31 (Reuters) - U.S. defense contractor Leidos
Holdings LDOS.N on Tuesday raised its full-year profit and
revenue forecasts on the back of strong weapons demand amid
rising geopolitical tensions.
Defense companies have seen robust demand for weapons from
the U.S. and its allies following Moscow's invasion of Ukraine
and rising geopolitical tensions in Asia.
The Reston, Virginia-based company now expects 2023 revenue
of between $15.1 billion and $15.3 billion, above its previous
forecast of $14.9 billion to $15.2 billion.
It expects annual adjusted profit of between $6.80 and $7.10
per share, compared with a prior range of $6.40 to $6.80 per
share.
Leidos posted a net loss of $396 million, or $2.91 per
share, for the third quarter, reflecting a one-time impairment
charge of $699 million related to its Security Enterprise
Solutions (SES) reporting unit.
Excluding one-off items, quarterly adjusted profit was $2.03
per share, beating analysts' average estimate of $1.67 per
share, according to LSEG data.
The defense contractor reported quarterly revenue of $3.92
billion, ahead of analysts' forecast of $3.77 billion.
(Reporting by Aatreyee Dasgupta in Bengaluru; editing by Milla
Nissi)
((Aatreyee.Dasgupta@thomsonreuters.com))