Due to better than expected operating performance, CACI International [CACI] on Wednesday revised upward its earnings guidance for its fiscal year 2018 that ends on June 30.
The company now expects net income to range between $292 million, $11.54 earnings per share (EPS), and $297 million ($11.74 EPS), up from the prior outlook of between $285 million ($11.26 EPS) and $291 million ($11.50 EPS).
CACI said the improved operating performance is reflected on various programs, particularly on fixed-price contracts. Corporate taxes are slightly higher than expected.
The company also introduced financial guidance for FY ’19, with sales projected to be between $4.6 billion and $4.8 billion, and net income between $230 million ($8.98 EPS) and $240 million ($9.38 EPS). Earnings are forecast to drop versus FY ’18 due to higher corporate taxes.
“Our FY ’19 guidance builds on the revenue and profitability growth we delivered in FY ’18,” Ken Asbury, CACI’s president and CEO, said in a statement. “We are winning solutions business, our addressable market is growing, and the budget environment has improved. I am confident this plan will produce predictable, profitable growth and continue generating long-term shareholder value.”