CACI Beats Targets

Guidance is mostly solid.
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CACI (CAI) - Get Report said first-quarter earnings dropped from a year ago, but the defense contractor beat estimates and offered guidance that was mostly in line with Wall Street expectations.

The Arlington, Va., information-technology outsourcer made $19 million, or 60 cents a share, for the quarter ended Sept. 30, down from the year-ago 19 million, or 62 cents a share. Revenue rose 11% from a year ago to $468 million.

Analysts were looking for a 58-cent profit on revenue of $463 million.

"I am pleased to announce CACI has had a great start for the year with approximately $900 million in contract awards and over $600 million in contract funding orders in the quarter," said CEO Jack London. "This record level of activity reflects the ongoing priority needs of the federal marketplace we serve. It also indicates that CACI is winning recompetes, new business opportunities and large tier-one contracts. We believe that this quarter's award and contract funding activity sets the stage for solid financial performance in our FY07 and beyond."

The company guided to second-quarter earnings of 65 to 72 cents a share on revenue of $475 million to $495 million. Analysts were looking for 72 cents on $484 million.

For the year, CACI expects to make $2.91 to $3.15 a share on $2 billion to $2.1 billion in revenue. Analysts were looking for $2.99 on $2 billion.

Shares were halted late Wednesday.