Leidos sees 2024 profit largely above Wall Street on defense demand

(Reuters) - U.S. defense company Leidos Holdings Inc on Tuesday provided a full-year profit target largely above Wall Street consensus, banking on demand for its products amid high geopolitical tensions.

The Reston, Virginia-based company, engaged in hypersonic weapons development among others, is benefiting from increased Pentagon spending.

Leidos said it expects its full-year profit at between $7.50 and $7.90 per share, while analysts on average were expecting $7.60.

The company expects its 2024 revenue in the range of $15.7 billion to $16.1 billion. Analysts expect $15.95 billion, according to LSEG data.

Defense companies have seen robust demand for weapons from the United States and its allies following Moscow's invasion of Ukraine and rising geopolitical tensions in Asia.

For the fourth quarter, the company's profit rose to $1.67 per share from $1.29 a year earlier.

Leidos' revenue jumped 7.6% to $3.98 billion.

(Reporting by Pratyush Thakur in Bengaluru; Editing by Maju Samuel)