Science Applications International Corporation - SAIC STOCK NEWS

Science Applications International Corp. (SAIC) has secured an $889 million contract from the Federal Systems Integration and Management Center (FEDSIM) to support the Defense Counterintelligence and Security Agency (DCSA) in its One IT modernization initiative. This contract aims to transform DCSA’s IT infrastructure by enhancing efficiency and security.

SAIC, as the prime contractor, will provide comprehensive IT services, including cloud readiness, cybersecurity, and application development. The project includes one base year and four optional extensions, reflecting a significant commitment to advancing DCSA's IT capabilities.

SAIC has entered into a strategic partnership with GomSpace Group AB to provide space-based mission capabilities for government and commercial customers across the Americas. This collaboration combines SAIC's engineering and integration capabilities with GomSpace's spacecraft technology, aiming to deliver advanced CubeSat and SmallSat systems. SAIC will serve as the exclusive U.S. integrator for GomSpace satellites and a licensed product distributor. The partnership was formalized with a Memorandum of Understanding signed at the Space Symposium in Colorado Springs on April 18, 2023. Both companies have made significant investments in space capabilities, with SAIC building a Space Systems Development Center in Charleston, South Carolina, to enhance payload and satellite integration.

SAIC has announced its ongoing partnership with Building Homes for Heroes (BHH) since 2013, donating 13 mortgage-free homes to veterans and raising over $500,000. This year, SAIC is honored to support three new veteran recipients: U.S. Army Sergeant Alberto Montrond, Air Force Technical Sergeant Rahmeka Hopkins, and Navy Petty Officer Second Class Anthony Thompson. Employee volunteers actively participate in the initiative, contributing both time and funds.

SAIC emphasizes its commitment to veterans through these efforts, reinforcing its identity as a technology integrator with annual revenues of approximately $7.7 billion and a workforce of around 25,000 employees.

Science Applications International Corp (SAIC) is hosting a live discussion on energy and climate policy, coinciding with Earth Day. The event will feature Steve Ambrose, SAIC's chief climate scientist, and Pari Kasotia, senior director at Distributed Solar Development (DSD) Renewables. Key discussion topics include:

• Cost and incentives for renewable energy
• Government actions towards wind and solar energy
• The Biden Administration's Net Zero by 2050 goal
• Environmental justice in climate legislation

This initiative reflects SAIC's commitment to addressing the impacts of climate change and aligns with the broader national dialogue on renewable energy solutions.

Science Applications International Corp. (NYSE: SAIC) has secured a $102.5 million contract from the U.S. Navy to enhance its support for the MK 48 Mod 7 Heavyweight Torpedo program. This contract builds on a previous $1.1 billion production contract, illustrating SAIC's long-term involvement in defense initiatives. Under this new agreement, SAIC will produce and deliver components including the MK 48 Mod 7 Torpedo Afterbody Tailcones and MK29 Mod 0 Warshot Fuel Tanks to the U.S. Navy and foreign partners via Foreign Military Sales (FMS) programs. The firm also provides facilities and resources necessary for testing and delivery. With an annual revenue of approximately $7.7 billion and a workforce of 25,000, SAIC continues to solidify its role as a key technology integrator for the defense sector.

Science Applications International Corporation (SAIC) reported Q4 FY2023 revenues of $1.97 billion, reflecting a 10% increase year-over-year, while FY2023 revenues reached $7.70 billion, up 4% from the prior year. SAIC achieved Q4 diluted earnings per share of $1.34, a 76% increase compared to last year. Operating cash flow for FY2023 was $532 million, with free cash flow of $457 million, exceeding prior guidance. Updated FY2024 guidance anticipates $7.05B - $7.20B in revenue with a ~3% pro-forma organic growth. The company plans to divest its Logistics & Supply Chain Management business for $350 million to optimize its portfolio.

Science Applications International Corp. (NYSE:SAIC) has declared a cash dividend of $0.37 per share of common stock, payable on April 28, 2023, to stockholders of record as of April 14, 2023. The company plans to maintain quarterly dividend payments, contingent upon board approval, earnings, and financial conditions. With annual revenues of approximately $7.4 billion, SAIC continues to lead in technology integration across various sectors, including defense and intelligence.