SAIC 1st-quarter profit rises 13 percent on strong revenue growth; backs outlook

SAIC 1st-quarter profit rises 13 percent

WASHINGTON — SAIC Inc. says its first quarter profit grew 13 percent as revenue soared on U.S. military spending. It backed its full-year guidance.

The San Diego-based defense contractor, which makes systems for drones that are being used for surveillance in Afghanistan, says it earned $116 million, or 28 cents per share, in the latest quarter. It earned $103 million, or 24 cents per share, in the same period last year.

It says revenue grew 12 percent to $2.65 billion.

Analysts surveyed by Thomson Reuters forecast earnings of 27 cents per share on revenue of $2.51 billion.