Science Applications (SAIC) Grabs $91M Contract From NAVAIR
Science Applications International Corporation SAIC recently received a contract worth $91 million to support Naval Air Systems Command (“NAVAIR”) Program Management Activity-275 V-22 Logistics Information Technology (LOG-IT) product line. Per the contract, the company will offer hardware and software solutions that include research, development, test and evaluation to NAVAIR.
With the latest contract, which is part of Department of Defense Information Analysis Center’s multiple-award contract vehicle, SAIC will conduct research, analysis and assessments of aircraft readiness and maintenance conditions for the V-22 LOG-IT product line and comprehensive IT modernization of mission critical support applications. The company will accelerate the release of product changes to enhance functionality and interoperability, serving warfighters and data analytic stakeholders as its customer.
The company is benefiting from the continued flow of high-value contracts. A record level of awards reflects its disciplined business-development actions, consistent operational excellence and high customer satisfaction. As of May 5, 2023, SAIC’s total contract backlog was $23.8 billion.
Science Applications is currently focusing on the federal government marketplace and capturing more market share. It intends to drive operational excellence by intensively focusing on its organic and inorganic growth strategy and strengthening existing customer relationships while building newer ones. Increased federal spending is anticipated to accelerate the pace of contract awards, which will be beneficial for the company’s top line.
Science Applications International Corporation Price and Consensus
Science Applications International Corporation price-consensus-chart | Science Applications International Corporation Quote
In June, SAIC received a single-source contract worth $1.3 billion from the U.S. Department of Treasury to provide T-Cloud, a complete range of cloud and professional information technology services. In the same month, the company announced that the Space Development Agency has selected it for developing a software application factory for the agency’s constellation of low-earth orbit satellites under a contract worth $64 million.
In May, Science Applications grabbed a contract worth $249 million from the U.S. Navy to continue supporting the Naval Air Warfare Center Weapons Division’s combat instrumentation platforms used for training and test evaluation ranges. In April, the company was awarded an $889 million contract by the Federal Systems Integration and Management Center in support of the Defense Counterintelligence and Security Agency to develop and implement One IT, which provides IT modernization to the agency’s systems.
Zacks Rank & Other Stocks to Consider
Currently, Science Applications carries a Zacks Rank #2 (Buy). Shares of SAIC have gained 26.2% over the past year.
Some other top-ranked stocks from the broader Computer and Technology sector are Salesforce CRM, NVIDIA Corporation NVDA and Meta Platforms META. While Salesforce and NVIDIA sport a Zacks Rank #1 (Strong Buy), Meta carries a Zacks Rank #2 at present. You can see the complete list of today's Zacks #1 Rank stocks here.
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CRM's earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 15.5%. Shares of the company have gained 25.2% in the past year.
The Zacks Consensus Estimate for NVIDIA’s second-quarter fiscal 2024 earnings has been revised northward from $1.04 to $2.04 per share over the past 60 days. For fiscal 2024, earnings estimates have moved up by 2 cents to $7.66 in the past 30 days.
NVDA's earnings beat the Zacks Consensus Estimate in two of the trailing four quarters, missing twice, the average surprise being 0.26%. Shares of the company have soared 157.1% in the past year.
The Zacks Consensus Estimate for Meta Platforms' second-quarter 2023 earnings has been revised upward by a penny to $2.83 per share over the past seven days. For 2023, earnings estimates have moved north by 3 cents to $11.97 in the past seven days.
META’s earnings beat the Zacks Consensus Estimate in two of the trailing four quarters, missing twice, the average surprise being 15.5%. Shares of the company have surged 76.7% in the past year.
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