Perspecta Goes to War Over Lost $7.7 Billion Navy IT Contract [The Motley Fool]
PERSPECTA INC (PRSP)
Last perspecta inc earnings: 2/12 04:15 pm
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Source: The Motley Fool
Perspecta Goes to War Over Lost $7.7 Billion Navy IT Contract The government IT specialist files a protest to try to win back its largest contract. Defense IT company Perspecta ( NYSE:PRSP ) has filed a formal protest with the Government Accountability Office (GAO) to try to reverse the loss of a contract that accounts for nearly one-fifth of its total revenue. The U.S. Navy announced on Feb. 5 it had awarded Leidos Holdings ( NYSE:LDOS ) a $7.73 billion contract to modernize and maintain computer networks for the Navy and Marine Corps. Perspecta was the incumbent on the contract, and its shares dropped by 16% the day after the award was announced. Perspecta is actually the second contractor to protest the so-called N-GEN award. General Dynamics ( NYSE:GD ) , which also lost out to Leidos, filed a protest last week. Contract protests are not uncommon -- Leidos now has about $18 billion worth of awards spread over three recent wins currently under protest -- and are occasionally suc
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