Originally published at www.seclive.com
Leidos Holdings Inc. (NYSE:LDOS) announced its second quarter financial results for the 2015 fiscal year, posting a net loss from the year-ago profit. The defense and intelligence contractor saw revenue fall from $1.5B last year to $1.3B while earnings swung from a profit of $42M and $0.50 per share to a net loss of $438M and $5.92 per share. The enormous swing from profitability to net loss is attributed to $510M in noncash goodwill and intangible impairment charges. Leidos reported adjusted earnings of $0.61 per share, up from the year-ago quarter's $0.53 per share. CEO Roger Crone commented that the company has faced and will face challenges related to federal government spending and an increasingly competitive environment.
Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.