IT contractor CACI says 1Q profit rises 22 pct

Government contractor CACI says 1st-quarter profit rises 22 pct on higher sales

• On 5:25 pm EDT, Wednesday October 28, 2009

ARLINGTON, Va. (AP) -- Government contractor CACI International Inc. said Wednesday that its fiscal first-quarter profit rose 22 percent as it signed new contracts to increase sales, prompting it to raise its 2010 profit guidance.

The information technology provider, based in Arlington, Va., earned $23.9 million, or 78 cents per share, in the quarter that ended Sept. 30. That is up from the $19.6 million, or 64 cents per share, it earned a year earlier.

The quarterly profit of 78 cents beat a 75-cent-per-share prediction of analysts polled by Thomson Reuters.

Revenue rose 13 percent to $739.5 million from $654.8 million, also topping analysts' $702 million forecast.

CEO Paul Cofoni said the company has hired more employees to handle the greater number of contracts. The company works on areas such as defense, intelligence, homeland security, cyber security and IT modernization.

The company said its recent strong performance led it to raise its 2010 profit forecast to $3.25 to $3.45 per share, up from an earlier estimate of $3.20 to $3.40 per share. Analysts expect $3.33 per share, on average.

CACI shares fell 29 cents to finish at $47.87 on Wednesday.