CACI International Inc (CACI) Reports Fiscal 2024 First Quarter Results
First quarter revenues of $1.9 billion, a 15.2% increase from the same period last year.
Net income of $86.0 million and diluted EPS of $3.76.
Adjusted net income of $99.7 million and adjusted diluted EPS of $4.36.
Contract awards of $3.1 billion and book-to-bill of 1.7x.
On October 25, 2023, CACI International Inc (NYSE:CACI), a leading provider of expertise and technology to government customers, announced its fiscal first quarter results. The company reported a strong start to the fiscal year 2024, with revenues of $1.9 billion, a 15.2% increase from the same period last year. The net income for the quarter was $86.0 million, with a diluted EPS of $3.76. The adjusted net income was $99.7 million, with an adjusted diluted EPS of $4.36.
Financial Performance
The increase in revenues was driven by organic growth, which included approximately $100 million of higher-than-expected material purchases by customers. The increase in income from operations was driven by higher revenues and gross profit. The diluted earnings per share and adjusted diluted earnings per share remained unchanged year-over-year, with higher income from operations, lower tax provision, and share repurchases offset by higher interest expense.
Contract Awards
Contract awards in the first quarter totaled $3.1 billion, with over 50 percent for new business to CACI. Some notable awards during the quarter included an eight-year, single-award technology task order valued at up to $1.3 billion to provide global enterprise network modernization to an Intelligence Community customer and a five-year expertise contract, with a maximum ceiling value of $917 million, to continue to provide complete life cycle software and systems engineering to improve battlespace awareness for the U.S. Air Force.
Financial Guidance
Given the strong performance in the first quarter, CACI has raised its fiscal year 2024 revenue, adjusted EPS, and free cash flow guidance. The company now expects revenues to be in the range of $7.2 billion to $7.4 billion, up from the previous guidance of $7.0 billion to $7.2 billion. The adjusted net income is expected to be in the range of $440 million to $465 million, with an adjusted diluted earnings per share of $19.38 to $20.48.
Additional Highlights
CACI also announced a new, multi-year Strategic Collaboration Agreement (SCA) with Amazon Web Services (AWS) to further advance the companys application of AWS services as a trusted provider of secure, agile, innovative solutions that can be rapidly adopted by customers in the U.S. government. Additionally, CACI was named to Forbes Best Employers for Women 2023 for the second consecutive year and was named a Top Workplace in San Antonio by employee engagement technology partner Energage, LLC. for a fifth consecutive year.
Explore the complete 8-K earnings release (here) from CACI International Inc for further details.
This article first appeared on GuruFocus.
