Science Applications International Corp. /zigman2/quotes/202740286/composite SAIC +2.60% announced today that it was named to the Fortune 500 list of America’s largest corporations by revenue for the first time since the company was spun off in 2013 . With revenues of approximately $6.4 billion in fiscal year 2020, SAIC ranks number 466 on the list.
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“In six short years, SAIC has transformed from a $4 billion spin-off company to an industry leader,” said SAIC CEO Nazzic Keene . “When SAIC began anew, we were presented with a unique opportunity to better serve our customers by delivering differentiated solutions and the best talent to our work with the federal government and other customers. Our 50-year heritage coupled with our drive to innovate and solve our nation’s most critical challenges has led to our success as a trusted and respected leader in technology integration and digital transformation for the U.S. government.”
The ranking reflects SAIC’s 37% revenue growth over the last year , driven by the company’s strategic focus on meeting the critical needs of customers resulting in major contracts with the U.S. Department of Defense, the intelligence community, federal civilian markets, as well state and local agencies. Last year’s revenues also increased due to the company’s disciplined merger and acquisition strategy, including SAIC’s acquisition of Engility , completed in early 2019, which contributed to an increase in national security and space contract awards. The company anticipates fiscal year 2021 revenues to grow further due to the recent acquisition of Unisys Federal .
“SAIC is driven by mission, inspirited by opportunity and united by purpose. Our continued growth enables us to increase investments in our customers, our people, and the next generation of state-of-the-art solutions,” Keene said.
In its 66th year, the Fortune 500 ranks U.S. companies by total revenues for their previous fiscal year. For the complete Fortune 500 list, visit http://fortune.com/fortune500 .
SAIC® is a premier Fortune 500® technology integrator driving our nation’s digital transformation. Our robust portfolio of offerings across the defense, space, civilian, and intelligence markets includes secure high-end solutions in engineering, IT modernization, and mission solutions. Using our expertise and understanding of existing and emerging technologies, we integrate the best components from our own portfolio and our partner ecosystem to deliver innovative, effective, and efficient solutions that are critical to achieving our customers' missions.
We are 25,500 strong; driven by mission, united by purpose, and inspired by opportunities. Headquartered in Reston, Virginia, SAIC has pro forma annual revenues of approximately $7.1 billion. For more information, visit saic.com . For ongoing news, please visit our newsroom .
Certain statements in this release contain or are based on “forward-looking” information within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “guidance,” and similar words or phrases. Forward-looking statements in this release may include, among others, estimates of future revenues, operating income, earnings, earnings per share, charges, total contract value, backlog, outstanding shares and cash flows, as well as statements about future dividends, share repurchases and other capital deployment plans. Such statements are not guarantees of future performance and involve risk, uncertainties and assumptions, and actual results may differ materially from the guidance and other forward-looking statements made in this release as a result of various factors. Risks, uncertainties and assumptions that could cause or contribute to these material differences include those discussed in the “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Legal Proceedings” sections of our Annual Report on Form 10-K, as updated in any subsequent Quarterly Reports on Form 10-Q and other filings with the SEC, which may be viewed or obtained through the Investor Relations section of our website at saic.com or on the SEC’s website at sec.gov. Due to such risks, uncertainties and assumptions you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. SAIC expressly disclaims any duty to update any forward-looking statement provided in this release to reflect subsequent events, actual results or changes in SAIC’s expectations. SAIC also disclaims any duty to comment upon or correct information that may be contained in reports published by investment analysts or others.
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SOURCE: Science Applications International Corp.
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