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CACI Posts Profit

The company offers guidance that's mostly in line with expectations.
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(CAI) - Get Free Report

warned that second-quarter sales would be soft, but the company maintained full-year guidance.

The Arlington, Va., defense contractor earned $19 million, or 62 cents a share, for its first quarter ended Sept. 30, up from $18 million, or 61 cents a share, a year earlier. Revenue rose to $423 million from $389 million a year ago. Analysts surveyed by Thomson First Call had forecast a 62-cent profit on sales of $428 million.

The company guided to second-quarter earnings of 69 cents to 72 cents a share on revenue of $420 million, and fiscal 2006 earnings of $2.91 a share on sales of $1.79 billion. Analysts were looking for earnings of 72 cents a share on sales of $440 million for the second quarter and earnings of $2.93 a share on sales of $1.81 billion for the year.

CACI said the revised guidance for the year relates to the completion of work for a Department of Defense client as well as the wind down of certain Department of Justice litigation support services.

"CACI is by far the strongest it has ever been in its 44-year history," CEO J.P. London said. "For the quarter, we generated record revenue of $423.1 million and total net earnings of $19.1 million. Contract awards reached an all-time high of $800 million, about half of which were from new business. These numbers demonstrate our solid performance over the quarter and reflect the course we expect to take next quarter, throughout the year, and for many years to come.

"We are also continuing our robust mergers and acquisitions program, which is a highly successful element of our growth strategy," he said. "Most importantly, we continue to align our business objectives with the priorities of our nation. We remain steadfast in our proven strategy of quality client service and are relentless in our commitment to provide increasing shareholder value. CACI is well positioned to achieve our goal to become a $3 billion revenue company by fiscal 2009."

On Wednesday, CACI shares rose $1.15 to $60.56.