Leidos Holdings, Inc. reported significant financial improvements in its third quarter and the first nine months of fiscal 2024, reflecting a robust recovery from previous losses. For the three months ended September 27, 2024, the company achieved revenues of $4,190 million, a 6.9% increase from $3,921 million in the same period of 2023. Year-to-date revenues also rose to $12,297 million, up 7.3% from $11,458 million in the prior year.
The company's operating income for Q3 2024 was $516 million, a substantial turnaround from an operating loss of $336 million in Q3 2023. For the first nine months, operating income reached $1,406 million, compared to just $260 million in the same period last year. This improvement is attributed to successful program wins and enhanced execution across various projects.
Net income for Q3 2024 was reported at $362 million, reversing a loss of $396 million from the previous year. For the nine-month period, net income totaled $969 million, compared to a loss of $22 million in 2023. Basic earnings per share for Q3 2024 were $2.72, compared to a loss of $(2.91) in Q3 2023, while year-to-date earnings per share improved to $7.19 from $(0.22).
Leidos' total assets increased to $13,338 million as of September 27, 2024, up from $12,695 million at the end of December 2023. Current assets also rose to $4,665 million, while current liabilities increased to $3,782 million. The company’s retained earnings grew significantly to $3,179 million from $2,364 million, and total stockholders' equity rose to $4,667 million from $4,258 million.
Strategically, Leidos has been active in stock repurchases, totaling $450 million for the first nine months of 2024, compared to just $25 million in the same period of 2023. The company has also realigned its business into four reportable segments: National Security & Digital, Health & Civil, Commercial & International, and Defense Systems, effective from the start of fiscal 2024.
Despite these positive developments, Leidos continues to face challenges, including ongoing legal proceedings and compliance investigations related to the U.S. Foreign Corrupt Practices Act. The company is cooperating with investigations by the Department of Justice and the Securities and Exchange Commission.
Overall, Leidos Holdings, Inc. has demonstrated a strong recovery in financial performance, driven by strategic initiatives and improved operational execution.
About Leidos Holdings, Inc.
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