Science and technology company Leidos Holdings has reported financial results for the fourth quarter and fiscal year 2019, including revenues of $2.95 billion for the fourth quarter and $11.09 billion for the year.
The company had record organic revenue growth, increasing margins and significant year-over-year non-GAAP earnings growth, said Roger Krone, Leidos chairman and CEO.
“Our growth and execution momentum accelerated throughout 2019 and has continued into 2020 with significant new program wins and the opportunity to create value from our two recently announced acquisitions,” he added.
Revenues for the fourth quarter reflect an 11.6% increase from the prior year. Operating income for the quarter was $261 million, compared to $188 million in the prior year quarter. Operating income margin increased to 8.8% from 7.1% in the prior year quarter.
Defense solutions revenues for the quarter were $1.40 billion, a spike of $135 million or 10.7% compared to the prior year quarter. Civil revenues for the quarter were $1.03 billion, an increase of $143 million, or 16.2% on the prior year quarter. Health revenues for the quarter of $526 million marked an increase of $29 million, or 5.8% versus the prior year quarter.