Earnings dipped at Leidos Holdings, Reston, Va., in the first quarter, which federal contractor attributed to in part to a $26 million benefit received a year earlier by one of its Department of Energy joint ventures.
Net earnings for the quarter were $177 million, or $1.25 diluted earnings per share, down from $205 million, or $1.42, in the first quarter of 2021, the company said in a May 3 earnings release.
The year-ago quarterly numbers were affected by a $26 million net benefit from an adjustment to legal reserves related to the Mission Support Alliance (MSA) joint venture that provided site services at the DOE’s Hanford Site in Washington state. Mission Support Alliance, which also included Centerra, gave way to another Leidos-led joint venture in late January 2021, Hanford Mission Integration Solutions.
Quarterly revenue was about $3.5 billion, up year-over-year from $3.3 billion.
“Our first quarter marked a strong start to 2022, with record levels of revenues and backlog stemming from our leadership position in the government technology market,” Leidos chairman and CEO Roger Krone said in the press release.
Leidos is also a member of the Becthel-led Consolidated Nuclear Security team that currently manages the Pantex nuclear weapons plant in Texas and the Y-12 National Security Complex in Tennessee.
