Defense firm Leidos raises annual revenue outlook on weapons demand

(Reuters) – Leidos Holdings (NYSE:) Inc on Tuesday raised its full-year revenue forecast as the defense contractor benefited from resilient weapons demand.

Net bookings totaled $2.9 billion in the quarter and book-to-bill ratio, which is the ratio of orders received to units shipped and billed, was 0.8 to 1.

The Reston, Virginia-based company now expects 2023 revenue between $14.9 billion and $15.2 billion, up from its previous forecast of $14.7 billion to $15.1 billion.

Quarterly revenue at Leidos’ defense solutions unit, which makes surveillance technologies and weapons components, rose about 6.5% to $2.19 billion. The company’s overall sales rose 6.7% to $3.84 billion.

Revenue at the company’s civil unit, which makes air traffic control systems for the Federal Aviation Administration, rose 5.3%.

Leidos posted a net income of $210 million, or $1.50 per share, in the quarter, compared with $172 million, $1.24 per share, a year earlier.