CACI International [CAI] yesterday issued guidance for its FY ’11 that begins tomorrow, saying that net income and sales are expected to increase.
The company also announced a new stock repurchase program of $50 million based on its long-term prospects and ability to generate cash. The share repurchase program will cover up to one million shares.
CACI’s guidance for FY ’11 projects net income to be up 10 to 15 percent, or between $116 million, $3.70 earnings per share (EPS), and $122 million ($3.90 EPS) total. The guidance excludes any impacts from the share repurchases. Net income in FY ’10 is still expected to be between $103.8 million ($3.38 EPS) and $107.4 million ($3.50 EPS).
Sales in FY ’11 are projected to be between $3.3 billion and $3.4 billion, a 5 to 10 percent increase over FY ’10. Sales this year are still expected to be around $3.1 billion.
Paul Cofoni, CACI’s president and CEO, said yesterday that the Defense Department’s plans to improve the way it does business presents opportunities for his company to bring to bear in Lean Six Sigma and CMMI process improvements.
“We believe that our solid, long-term customer relationships and our track record of performance will help us maintain our high recompete win rate, win new business and position us to establish new customer relationships in growth areas such as healthcare, cyber, and special operations,” Cofoni said in a statement.