Leidos Holdings, Inc. (NYSE: LDOS), a provider of engineering services and solutions, Tuesday reported an increase in adjusted earnings and revenues for the first quarter of 2024.
- First-quarter revenues came in at $4.0 billion, which is up 7% year-over-year
- Net income increased to $283 million or $2.07 per share in Q1 from $164 million or $1.17 per share a year earlier
- On an adjusted basis, earnings climbed 56% annually $2.29 per share during the three months
- Adjusted EBITDA was $490 million in the March quarter, vs. $346 million in Q1 2023
- Adjusted EBITDA margin increased to 12.3% during the three months from 9.4% a year earlier
- The company generated an operating cash flow of $63 million in Q1; free cash flow came in at $46 million
- Net bookings totaled $3.7 billion in the quarter, representing a book-to-bill ratio of 0.9
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