RTTNews | Feb 23, 2021 06:33AM EST

06:32 Tuesday, February 23, 2021 (RTTNews.com) - Leidos Holdings, Inc. (LDOS) reported fourth-quarter net income of $197 million or $1.37 per share compared with $181 million or $1.26 per share in the same quarter a year ago.

Excluding items, earnings on an adjusted basis were $1.63, that beat the average estimate of analysts polled by Thomson Reuters at $1.61 per share. Analysts' estimates typically exclude special items.

Revenues for the quarter increased 10.1% year-over-year to $3.25 billion. The consensus estimate was for $3.39 billion. Covid-19 was adversely impacted the revenue in the quarter by about $12 million.

"The full extent of the impact of the COVID-19 pandemic on our operational and financial performance, including our ability to execute on programs in the expected timeframe, will depend on future developments, including the duration and spread of the pandemic and the distribution and efficacy of vaccines, all of which are uncertain and cannot be predicted," the company said.

Looking forward to the fiscal year 2021, the company sees revenues to be in the range of $13.7 billion to $14.1 billion and adjusted EPS to be between $6.15 and $6.45. Analysts expect the company to report earnings of $6.47 per share on revenue of $24.39 billion for the period.

Also, Leidos said it has entered into an agreement to acquire Gibbs & Cox, Inc., full-service independent engineering and design firm specializing in naval architecture and marine engineering, for $380 million in cash.

The transaction is expected to close in the second quarter of fiscal year 2021.

Read the original article on RTTNews ( https://www.rttnews.com/3171907/leidos-q4-earnings-beat-estimates-full-year-outlook-falls-short-of-the-street-view-quick-facts.aspx)

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