Leidos lifts annual profit forecast after third-quarter beat on resilient demand

(Reuters) -Defense contractor Leidos Holdings lifted its annual profit forecast on Tuesday, backed by resilient demand for its munitions.

Its shares rose about 2.7% before the bell.

Leidos and its competitors have benefited from the global rise in defense spending amid the Russia-Ukraine war and unabated tensions in the Middle East.

It sees annual diluted profit in the range of $11.45 per share to $11.75 per share, versus $11.15 per share to $11.45 per share earlier. The company kept its full-year revenue forecast unchanged at $17 billion-$17.25 billion.

During the third quarter, Reston, Virginia-based Leidos reported an adjusted per-share profit of $3.05, beating analysts' estimates of $2.71. Its revenue grew 6.7% to $4.47 billion, also topping Wall Street's expectation of $4.28 billion.

Leidos is known for providing cybersecurity and management technology services to government agencies as well as drones and aerial systems.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Leroy Leo)

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