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CACI’s revenues increase 5.9% in third quarter of 2021

22 Apr 2021 (Last Updated April 22nd, 2021 12:14)

CACI International has posted a 5.9% increase in revenues to $1.55bn during the third quarter of 2021 when compared to $1.46bn in the same period last year.

CACI International has posted a 5.9% increase in revenues to $1.55bn during the third quarter of 2021 when compared to $1.46bn in the same period last year.

The company’s operating income in the quarter was $151.4m, up 33.2% compared to $113.7m in the same period last year.

Higher revenue, strong operating performance, favourable fixed-price contract performance, and reduced indirect costs contributed to the year-over-year (YoY) increase in operating income.

The company reported that contract awards in the quarter totalled $1.6bn and had a $22.3bn total backlog as of 31 March.

In the quarter, net income was $120.3m, increased by 49.4% YoY compared to $80.6m in the same 2020 period.

According to the company, strong operating performance, lower interest expense and effective tax rate led to increase in net income.

CACI president and CEO John Mengucci said: “We again delivered solid organic growth, strong profitability, and robust cash flow.

“While the effects of the pandemic linger, we continue to execute our long-term strategy of offering differentiated and distinctive technology that drives growth, operational excellence, and allows us to deploy capital for the benefit of our shareholders.

“CACI is focused on our customers’ critical national security and IT modernisation priorities, which enables us to grow faster than our addressable market, expand margins, and deliver value to our customers and shareholders.”

The company has lowered its FY21 revenue guidance to range between $6bn and $6.08bn from $6.05bn-$6.25bn announced in the prior year.

It is raising net income guidance to range between $450m and $460m and diluted earnings per share to be $18 to $18.40.

In August last year, the US Army’s Joint Counter-Small Unmanned Aircraft Systems (C-sUAS) Office (JCO) chose CACI International’s CORIAN system to safeguard Department of Defense (DoD) personnel and facilities against threats posed by unmanned aircraft systems or drones.