Yahoo Finance CACI International Inc (CACI) Surpasses Analyst Revenue Forecasts for Fiscal Q3 2024
Revenue: Reported at $1.937 billion, marking an 11% year-over-year increase, exceeding the estimate of $1.856 billion.
Net Income: Achieved $115.4 million, up 14.5% year-over-year, falling short of the estimated $125.56 million.
Earnings Per Share (EPS): Recorded at $5.13, an 18% increase from the previous year, below the estimated $5.63.
Adjusted EPS: Reached $5.74, surpassing the quarterly estimate of $5.63.
Free Cash Flow: Increased significantly to $101.9 million, a surge of 148.9% from the prior year.
EBITDA Margin: Improved by 200 basis points sequentially to 11.3%.
Fiscal Year Guidance: Raised for revenue, adjusted net income, and adjusted EPS, reflecting strong performance and market confidence.
CACI International Inc (NYSE:CACI), a prominent provider of information solutions and services primarily to the U.S. government, announced its fiscal third quarter results on April 24, 2024. The company reported significant year-over-year growth, with revenues reaching $1.9 billion, an increase of 11%, and net income rising to $115.4 million. Diluted earnings per share (EPS) also saw an 18% increase to $5.13. These figures notably surpassed current analyst estimates, which had projected earnings per share of $5.63 and revenue of $1856.89 million. For more details, refer to the company's 8-K filing.
Company Overview
CACI International Inc is at the forefront of providing advanced information solutions and services, catering primarily to U.S. government agencies involved in national security and modernization initiatives. With a robust portfolio of services that support intelligence, defense, and federal civilian sectors, CACI continues to leverage its expertise to enhance government operations across a spectrum of critical missions.
Financial and Operational Highlights
The third quarter saw CACI achieve a revenue of $1,937.5 million, driven by a 10% organic growth. The company's income from operations also increased by 16.9% to $181.3 million, reflecting higher revenues and gross profit. Adjusted net income, a non-GAAP measure, stood at $129.0 million with an adjusted diluted EPS of $5.74. The EBITDA margin improved sequentially by 200 basis points to 11.3%, underscoring the company's operational efficiency.
CACI's robust quarter was further highlighted by significant contract awards totaling $3.5 billion, demonstrating a strong book-to-bill ratio of 1.8x. Notable awards included a $1.3 billion task order to support U.S. European and Africa Commands and a $638 million task order to enhance enterprise product support for the Department of Defense.
Strategic Achievements and Industry Recognition
Amidst financial growth, CACI was recognized as one of the Worlds Most Admired Companies by Fortune magazine for the seventh consecutive year. This accolade, along with being named a Top Workplace USA, reflects the company's sustained commitment to excellence and employee engagement. Additionally, CACI's contribution to technology and national security was further acknowledged at the Black Engineer of the Year Awards, where 21 employees were honored.
Future Outlook and Guidance
Encouraged by the strong performance in the third quarter, CACI has raised its fiscal year 2024 guidance. The company now expects revenues between $7,500 million and $7,600 million and adjusted net income between $455 million and $465 million. These projections include anticipated benefits from higher customer material purchases and the impact of share repurchases on earnings per share.
Conclusion
CACI International Inc's fiscal third quarter results not only exceeded analyst expectations but also set a robust foundation for continued growth. With increased guidance, significant contract awards, and strategic recognitions, CACI remains well-positioned to sustain its market leadership and deliver enhanced value to its stakeholders.
Explore the complete 8-K earnings release (here) from CACI International Inc for further details.
This article first appeared on GuruFocus.
