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Leidos Posts 18% Revenue Jump for Q2, Backs 2021 Guidance; Roger Krone Quoted

Leidos Posts 18% Revenue Jump for Q2, Backs 2021 Guidance; Roger Krone Quoted - top government contractors - best government contracting event

Leidos reported $3.4 billion in revenue for the second quarter of its 2021 fiscal year, 18 percent higher than the same period last year, and quarterly earnings of $1.52 per share.

The Reston, Virginia-based contractor also held to its 2021 sales outlook in the $13.7 billion-$14.1 billion range, and earnings of between $6.35 and $6.65 per share.

Second quarter revenue in Leidos’ defense solutions segment grew 14 percent to $2 billion, which the company attributed to the start-up of its Next Generation Enterprise Network Recompete contract with the U.S. Navy and weapon systems development work at its Dynetics subsidiary.

Civil business sales came in at $799 million for the quarter, up 5 percent from the prior year period, while health business revenue climbed 62 percent to $645 million.

The company said its work in the Defense Healthcare Management System Modernization and Military and Family Life Counseling programs helped drive its health segment performance during the April-June period.

“As I look at the quarter, four messages stand out,” Roger Krone, chairman and CEO of Leidos and an eight-time Wash100 winner, told investors on an earnings call.

“First, our strong financial results demonstrate that our strategy is working. Second, our business development momentum is setting the stage for future growth. Third, we are effectively deploying capital to broaden our offerings in attractive markets. And fourth, we are building an engaged and effective workforce.”

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