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Science Applications (NASDAQ:SAIC) International Corporation (NASDAQ:SAIC), a leader in computer integrated systems design, announced on Thursday an amendment to its corporate bylaws. The change, effective September 4, 2024, was approved by the company's Board of Directors and involves updating references from the "New York Stock Exchange" to the "Corporation’s applicable national securities exchange."
The amendment to the Amended and Restated Bylaws reflects SAIC's transition in listings from the NYSE to another national securities exchange, which has not been specified in the filing. This administrative update ensures that the company's governance documents are consistent with its current stock exchange listing.
SAIC, headquartered in Reston, Virginia, operates under the SIC code 7373, indicating its specialization in services related to computer integrated systems design. The company was previously known as SAIC Gemini, Inc. before its name change in 2013.
The company's fiscal year ends on January 31, and it is incorporated in the state of Delaware. SAIC has been assigned the Central Index Key (CIK) number 0001571123 by the SEC.
The amendment to the bylaws does not affect the company's operations or its commitment to comply with the regulatory requirements of the securities exchange on which it is listed. The filing and the amendment to the bylaws are based on the press release statement and are intended to keep shareholders and the investing public informed of corporate governance updates.
In other recent news, Science Applications International Corporation outperformed Q2 estimates and elevated its full-year earnings outlook. The company reported an adjusted earnings per share of $2.05, surpassing analyst estimates of $1.86. Revenue saw a 2% increase year-over-year, reaching $1.82 billion, slightly above the consensus forecast of $1.8 billion.
The Defense and Intelligence segment's revenue rose 2% to $1.42 billion, while the Civilian segment's revenue also grew 2% to $403 million compared to the previous year's quarter.
Free cash flow for SAIC was reported at $241 million in Q2, marking a 67% growth YoY, with the company repurchasing $201 million of shares during the quarter. The company also updated its fiscal 2025 adjusted EPS guidance to $8.10-$8.30, an increase from its previous outlook of $8.00-$8.20 and above the $8.07 analyst consensus.
SAIC maintained its full-year revenue forecast of $7.35-$7.50 billion. These are among the recent developments for the company, which ended Q2 with a total backlog of $22.9 billion, $4.2 billion of which was funded.
InvestingPro Insights
As Science Applications International Corporation (NASDAQ:SAIC) navigates its transition to a new securities exchange, investors may find value in considering the company's current financial health and market performance. According to InvestingPro data, SAIC has a market capitalization of $6.89 billion and trades at a P/E ratio of 15.54, suggesting a potentially attractive valuation in the context of its earnings. The company's revenue for the last twelve months as of Q1 2023 stands at $7.263 billion, despite a slight decline in revenue growth during the same period.
InvestingPro Tips highlight that SAIC has been actively engaging in share buybacks, which can signal management's confidence in the company's value. Additionally, the company boasts a high shareholder yield and has consistently paid dividends for 12 consecutive years, with a dividend yield of 1.15% as of the last dividend date in July 2024. These factors, coupled with SAIC's low price volatility and analysts' predictions of profitability this year, present a stable investment profile for those considering adding SAIC to their portfolios.
For investors seeking more detailed analysis and additional insights, there are over 7 InvestingPro Tips available, which can be accessed by visiting the InvestingPro platform. The platform offers a comprehensive view of SAIC's financial metrics and expert tips to aid in informed decision-making.
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