Leidos Reports Strong Third Quarter 2024 Results and Raises Full-Year Guidance

RESTON, Va., Oct. 29, 2024 — (PRNewswire) —  Leidos Holdings, Inc. (NYSE: LDOS) today reported financial results for the third quarter of fiscal year 2024.

"Continued improvement in operating performance across all segments drove excellent revenue growth, record margins for net income and adjusted EBITDA, substantial earnings growth, strong cash flow, and robust bookings," said Leidos Chief Executive Officer Tom Bell. "These results demonstrate clearly how our collaborative and innovative workforce is focused on consistent execution for our customers and shareholders. With a healthy balance sheet, improving business development performance, and emerging 'North Star' strategy, Leidos is well positioned to deliver robust and sustainable returns as we move forward."

Summary Operating Results



Three Months Ended

(in millions, except margin and per share data)


September 27, 2024


September 29, 2023

Revenues


$                  4,190


$                  3,921

Net income (loss)


$                     362


$                    (396)

Net income (loss) margin


8.6 %


(10.1) %

Diluted earnings per share (EPS)


$                    2.68


$                   (2.91)






Non-GAAP Measures*:





Adjusted EBITDA


$                     596


$                     451

Adjusted EBITDA margin


14.2 %


11.5 %

Non-GAAP diluted EPS


$                    2.93


$                    2.03






* Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Management believes that these non-GAAP measures provide another measure of Leidos' results of operations and financial condition, including its ability to comply with financial covenants. See Non-GAAP Financial Measures at the end of this press release for more information and a reconciliation of our selected reported results to these non-GAAP measures.

Revenues for the quarter were $4.19 billion, up 7% compared to the third quarter of 2023. Revenues grew year-over-year due to increased demand across all customer segments, especially for managed health services.

With a net income margin of 8.6%, net income for the third quarter was $362 million, or $2.68 per diluted share.  Comparisons to the year ago period are not meaningful as the result of the $699 million pre-tax, non-cash impairment and restructuring charge primarily associated with the Security Enterprise Solutions (SES) reporting unit recorded in the third quarter of 2023.

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