Leidos Holdings, Inc. (NYSE: LDOS) on Tuesday reported a decline in adjusted earnings for the first quarter of 2023, despite an increase in revenues. The company also provided guidance for fiscal 2023.
At $3.70 billion, first-quarter revenues were up 6% year-over-year. Revenues of all three operating segments increased during the three-month period.
Unadjusted net income decreased to $162 million or $1.17 per share in the March quarter from $175 million or $1.25 per share in the prior-year period. Adjusted profit was $1.47 per share, down 7% from last year.
For fiscal 2023, the company expects revenues to be in the range of $14.7 billion to $15.1 billion, and adjusted earnings per share to be between $6.40 and 6.80.