Perspecta Books $1 Billion In First Quarter

Perspecta, a DXC Technology spin-off, posted higher year-over-year revenue in its first-ever earnings report on Wednesday. The company also said it generated $1.3 billion in bookings in its first quarter of operations, with new business accounting for 25 percent of the total.

The Chantilly, Va.-based company’s stock rose more than 9 percent to $23.61 on Wednesday afternoon.

The firm – which is comprised of DXC’s public services business as well as government IT solution provider Vencore and federal background check specialist KeyPoint -- opened for business on June 6 and reported for the quarter ending June 30.

To calculate the results, Perspecta used revenue from DXC’s U.S. Public Services business from April 1 to June 30, and Vencore and KeyPoint for the period of June 1 to June 30.

Revenue for the the combined company was $793 million compared to $676 million in the year-ago quarter. Net income was lower at $41 million compared to $52 million for earnings per share of 17 cents compared to 22 cents. Perspecta CEO and president Mac Curtis called the numbers a “strong performance, across the board,” which positions the company to build for the future.

“We are excited to begin operating and reporting as Perspecta, a leader in combining enterprise information technology and mission services to serve the needs of the U.S. public sector," said Mac Curtis, Perspecta's president and CEO, in a statement. "We are committed to delivering robust and sustainable growth as we execute across the entire services pyramid and differentiate through innovation and intellectual property.”

[ Related: DXC Rebrands Coming Merged U.S. Government Business As Perspecta]

Among them:

• A $607 million, five-year contract with San Diego County to provide IT and telecommunications services, including data center hosting, desktop support, networks, applications, and cross-functional services.
• A five-year, $149 million order from Center for Medicare & Medicaid Services, to provide enterprise mainframe application hosting services for three medicare fee-for-service applications.
• A five-year, $96 million contract with Army Materiel Systems Analysis Activity Sample Data Collection and Analysis to provide data collection and review services on selected models of U.S. Army aviation and ground combat systems, tactical wheeled vehicles and ground support equipment.
• And the United States Postal Service Enterprise Information Technology Program awarded Perspecta a position on its EITP Technical Support Services contract. Under the terms of the seven year deal, which has a ceiling value of $467 million, Perspecta will provide applications development and modernization services, DevOps support, information and data engineering, systems integration support, testing support and enterprise solutions.