CACI International Inc (CACI) reported revenues of $776.7 million in the second fiscal quarter, up 15.5% from the year-ago quarter. The increase in revenues was driven by a 13% organic growth propelled by the continued strong performance of defense and intelligence businesses.
Based in Arlington, Virginia, CACI International delivers IT applications and infrastructure that is used to improve communications and secure the integrity of information systems and networks, enhance data collection and analysis, and increase efficiency and mission effectiveness. CACI International primarily serves the U.S. government and its agencies.
Net income grew 26.1% year over year to $26.1 million. Earnings per share (EPS) came in at 85 cents, easily beating the Zacks Consensus Estimate of 81 cents, and were up from 68 cents reported in the year-ago quarter.
The strong results in the quarter were driven by the successful implementation of CACI’s strategy to provide mission-critical services in support of well-funded national security priorities and a significantly lower tax rate. CACI International experienced growth in all categories with the strongest increase in C4ISR Integration Services.
Management stated that recent events like the ‘Christmas Bomber’ attempt, the suicide attack on CIA employees in Afghanistan, the Ft. Hood shootings, and the cyber attacks on Google and other large companies continue to underpin the need for services that the company provides to customers. With the signing of the FY10 budget in late December, management expects continued strong funding in the key areas and more orders in the second half of fiscal 2010.
During the reported quarter, the company completed two acquisitions. One of them is in the U.K., which provides web enablement services, and one in the US providing commercial security technology.
Last week, CACI International announced an agreement to acquire SystemWare, Inc., which provides unique solutions for cybersecurity and counterintelligence.
Given the strength of the company’s business, management upgraded its guidance for fiscal 2010. CACI International now expects revenues between $3,050 million and $3,125 million, up from the earlier guidance of revenues between $2,950 million and $3,050 million. EPS is now estimated between $3.30 and $3.50, an increase from the previous forecast of $3.25 – $3.45.
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