Member News

SAIC Releases Fourth Quarter and Full Fiscal Year 2023 Financial Results

Nazzic Keene

CEO

SAIC

SAIC Releases Fourth Quarter and Full Fiscal Year 2023 Financial Results

Science Applications International Corp. reported $1.97 billion in revenue in the fourth quarter of the fiscal year 2023, up 10 percent compared to the same period in FY 2022. SAIC’s full fiscal year 2023 revenue, meanwhile, is four percent more than the FY 2022 revenue. 

According to SAIC CEO Nazzic Keene, a 4×24 member and a six-time Wash100 awardee, sound execution of the company’s strategy to deliver excellence for customers and value for shareholders produced positive financial results.

Contracts secured in FY 2023 include a $757 million indefinite-delivery/indefinite-quantity contract that requires providing software development and management services for the U.S. Army Enterprise Service Desk and a five-year, $150 million Managed Information Technology Services IDIQ from the U.S. Transportation Command, SAIC said.

Despite positive financial results, the Fortune 500 technology integrator said it expects FY 2024 revenue of between $7.05 billion and $7.20 billion, down from the previous $7.6 billion to $7.8 billion revenue forecast. 

The FY 2023 results were released after ASRC Federal announced that it entered into a definitive agreement to acquire SAIC’s logistics and supply chain management business. Prabu Natarajan, SAIC’s chief financial officer, said the transaction will provide balance sheet flexibility and permit the increased return of capital to shareholders.

Sign Up Now! Potomac Officers Club provides you with Daily Updates and News Briefings about Member News

Category: Member News

Tags: ASRC Federal financial result Member News Nazzic Keene Prabu Natarajan SAIC