Science Applications International Corp. (NYSE: SAIC) reported first-quarter 2017 results before markets opened Monday. The defense technology integrator and contractor posted adjusted diluted earnings per share (EPS) of $0.80 on revenues of $1.22 billion, compared with EPS of $0.73 on revenues of $1.01 billion in the same period a year ago. The consensus estimates called for EPS of $0.74 on revenues of $1.15 billion.

On a GAAP basis, EPS came in at $0.71, compared with $0.69 in the year-ago quarter. Adjusted EPS excluded estimated acquisition and integration costs of $7 million, or $0.09 per share.

SAIC said that net bookings in the first quarter totaled approximately $1.3 billion, reflecting a book-to-bill ratio of about 1. The company’s estimated backlog of signed business orders at the end of the first quarter totaled $7.2 billion, of which $2.1 billion was funded.

First-quarter revenue growth was attributed to an additional week ($88 million), $76 million from the Scitor acquisition and $42 million from newly awarded programs.

Operating income totaled $66 million, down from 5.6% of revenues in the first quarter last year to 5.4% this year, primarily due to increased SG&A expenses and acquisition and integration costs related to lease exit costs.

SAIC did not provide guidance, but consensus estimates call for second-quarter EPS of $0.77 on revenues of $1.11 billion. Analysts have estimated full fiscal year EPS of $3.12 and revenues of $4.51 billion.

During the first quarter, the company repurchased 200,000 shares of common stock at an average cost of $65.01 per share. The company’s CEO, Tony Moraco, said:

SAIC delivered solid results for the first quarter of fiscal year 2017 and continued to deploy capital from strong cash flow to enhance shareholder value. The combination of modest market improvements, notable business development results, and an increase in the pace of share repurchases provides a sound foundation to start the fiscal year.

SAIC repurchased 622,000 shares during the first quarter for a total cost of $30 million.

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The company’s shares traded up about 4.3% early Monday morning, at $59.87 in a 52-week range of $39.28 to $61.93, a new high set shortly after the opening bell. The consensus price target before this report was $59, and the high target was $64.

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