logo
Share SHARE
FONT-SIZE Plus   Neg

CACI International Q2 Profit Rises; Lifts 2012 Earnings Outlook - Update

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Media entertainment company CBS Corp. (CBS, CBS-A), Tuesday reported an increase in profit for the first quarter, driven largely by double-digit increase in revenues reflecting strong performance of television network segment. The New York-based company's first-quarter profit rose to $473 million... A Brazilian judge has ordered all wireless phone carriers in the country to block WhatsApp after the Facebook-owned messaging service failed to comply with an order asking to turn over data related to a criminal investigation. According to reports, the app, which is used by over 100 million Brazilians,... Amazon.com Inc. intends to bring its free same-day delivery to the Bronx and Chicago's South Side areas. The online retailer's plans comes after severe criticism were raised that the company unfairly left out some predominantly black and Hispanic areas from its Prime service. An analysis done by...
comments powered by Disqus
Follow RTT