Why Leidos Holdings Stock Is Falling Today
Shares of Leidos Holdings (NYSE: LDOS) traded down about 10% on Tuesday following the government IT specialist's earnings release. The quarter was mixed, but the company's outlook for 2021 failed to impress on a difficult day for stocks.
Leidos said before markets opened that it earned $1.63 per share in the quarter on revenue of $3.25 billion. The earnings number beat estimates by two cents per share, but revenue came in shy of the $3.39 billion consensus. Revenue was up 10.1% year over year, but down slightly on an organic basis.
The company ended the period with a record backlog of $31.9 billion in orders, and has a healthy 1.4 times book-to-bill ratio -- a measure of how much new business is coming in compared to how much is billed -- over the past 12 months.
Source Fool.com
