Shares of CACI International Inc. (CACI) gained more than 3 percent in after-hours trading on Wednesday after the provider of professional services and information technology solutions reported a 24 percent increase in profit for the second quarter on higher revenues and also raised its earnings outlook for fiscal year 2012.
The Arlington, Virginia-based company's second-quarter net income increased to $41.06 million or $1.51 per share from $33.24 million or $1.08 per share in the prior-year quarter.
Pro forma adjusted net income rose to $54.45 million or $2.00 per share from $45.89 million or $1.48 per share in the year-ago period. On average, 16 analysts polled by Thomson Reuters expected earnings of $1.30 per share for the quarter. Analysts' estimates typically exclude one-time items.
Revenues for the quarter grew 12.2 percent to $973.24 million from $867.28 million in the same period last year, but missed analysts' consensus estimate of $952.78 million.
The revenue increase was driven primarily by higher volumes of intelligence, surveillance and reconnaissance; business systems and cyber-related work. Organic revenue rose 8.9 percent from last year.
Paul Cofoni, CACI's President and CEO, said, "Our record second quarter performance confirms CACI's strategy to align our solutions with the government's highest priorities in defense, intelligence, homeland security, and government transformation."
Cofoni added, "With record results in revenue, operating income, net income, and EPS, we continue to deliver on our financial goals of mid- to high-single-digit organic revenue growth, double-digit earnings growth, and strong cash flow."
Contract funding orders in the second quarter rose 17.4 percent from the year-ago period to $604.67 million. Funded backlog as at December 31, 2011 was $2.19 billion compared with $2.18 billion a year earlier. Total backlog at the end of the quarter was $8.0 billion, up from $7.45 billion at the end of the year-ago period.
Looking ahead to fiscal year 2012, CACI raised its earnings guidance range to $5.72 to $5.94 per share from the prior estimate of $5.55 to $5.80 per share. Analysts currently estimate earnings of $5.67 per share for the year.
The company maintained its outlook for full-year revenue in a range of $3.85 billion to $4.05 billion. Analysts estimate revenues of $3.92 billion for the year.
CACI closed Wednesday's trading at $58.93, up $0.24 or 0.41 percent on a volume of 887,400 shares. In after-hours, the stock further gained $2.04 or 3.46 percent to $60.97.
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