CACI International [CACI] yesterday reported record quarterly income and sales due to strong operating performance, cost controls and growth in its core areas.
Net income in the company’s second quarter increased 28 percent to $33.2 million, $1.08 earnings per share (EPS), from $26.1 million (85 cents EPS) on a 12 percent boost in sales to $867.3 million from $776.7 million a year ago.
Organic sales growth accounted for nearly 10 percent of the gain, driven by business in C4ISR services, data information and knowledge management, and integrated security and intelligence solutions.
The strong financial results, combined with two recent acquisitions, lower net interest expense and lower tax rate, led CACI to raise its earnings and sales guidance for the year. Net income is now expected to be between $127 million ($4.05 EPS) to $132 million ($4.20 EPS), an increase of 15 cents per share on the low end and a dime on the high end of the range.
Sales guidance is up slightly but still in the $3.5 billion to $3.6 billion range.
Funded backlog at the end of the quarter was $2.2 billion, up 24 percent from a year ago. Total backlog stood at $7.5 billion.