Leidos Holdings, Inc. Reports Third Quarter Fiscal Year 2016 Results

 

 


LEIDOS HOLDINGS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts)




Three Months Ended   




Nine Months Ended  




September 30,
 2016



October 2,
 2015




September 30,
 2016
 




October 2,
 2015  


Revenues


$

1,868



$

1,302



$

4,468



$

3,805


Cost of revenues


1,630



1,138



3,925



3,344


Selling, general and administrative expenses


87



53



203



180


Bad debt expense


1



13



1



10


Acquisition and integration costs


44





68




Asset impairment charges




4





73


Restructuring expenses


5





6



2


Operating income


101



94



265



196


Interest income


3



1



8



2


Interest expense


(28)



(15)



(57)



(44)


Other (expense) income, net


(1)





(3)



1


Income from continuing operations before income taxes


75



80



213



155


Income tax benefit (expense)


17



(31)



(27)



(46)


Income from continuing operations


92



49



186



109


Discontinued operations:









Income tax benefit








18


Income from discontinued operations, net of taxes








18


Net income


92



49



186



127


Less: net income attributable to non-controlling interest,
  net of taxes


1





1




Net income attributable to Leidos Holdings, Inc.


$

91



$

49



$

185



$

127


Earnings per share:









Basic:









Income from continuing operations attributable to
  Leidos Holdings, Inc. common stockholders


$

0.81



$

0.68



$

2.18



$

1.49


Discontinued operations - net of tax








0.25


Net income attributable to Leidos Holdings, Inc.
  common stockholders


$

0.81



$

0.68



$

2.18



$

1.74


Diluted:









Income from continuing operations attributable to Leidos Holdings, Inc.
  common stockholders


$

0.80



$

0.67



$

2.13



$

1.47


Discontinued operations - net of tax








0.25


Net income attributable to Leidos Holdings, Inc.
  common stockholders


$

0.80



$

0.67



$

2.13



$

1.72











Weighted average number of common shares outstanding:









 Basic


112



72



85



73


 Diluted


114



73



87



74











 Cash dividends declared per share


$

13.96



$

0.32



$

14.60



$

0.96



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