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Information technology services provider CACI International Inc. (CACI - Free Report) ended fiscal 2016 with a bang as it reported strong fourth-quarter results with healthy year-over-year increase in both earnings and revenues. GAAP earnings for the reported quarter were $43.6 million or $1.75 per share compared with $41.4 million or $1.68 per share in the prior-year quarter. The year-over-year increase in earnings was primarily driven by a significant improvement in revenues.
On a non-GAAP basis, fourth-quarter fiscal 2016 earnings were $2.35 per share, up from $2.119 in the year-earlier quarter. Adjusted earnings (excluding stock-based compensation expenses) for the reported quarter were $2.24 per share, which comprehensively beat the Zacks Consensus Estimate of $1.58. For fiscal 2016, GAAP earnings were $142.8 million or $5.76 per share, up from $126.2 million or $5.17 per share in fiscal 2015. Non-GAAP earnings for fiscal 2016 were $7.87 per share compared with $7.23 in fiscal 2015.
Quarterly revenues were up 28.7% year over year to $1,113.9 million largely due to the accretive acquisition of National Security Solutions (NSS). The reported revenues exceeded the Zacks Consensus Estimate of $1,099 million. Fiscal 2016 revenues increased to $3.7 billion from $3.3 billion in fiscal 2015 owing to positive contribution from NSS acquisition.
Contract awards more than doubled in the reported quarter to $1.6 billion, culminating in approximately 50% new business for CACI International. Contract funding orders were record high at $1.1 billion, up 30% year over year. Total backlog as of Jun 30, 2016 was $11 billion with a funded backlog of $2.3 billion.
In terms of customer mix, the Department of Defense accounted for about 64.1% of the total revenue in the reported quarter. Federal Civilian Agencies contributed about 29.2%, while Commercial and other customers accounted for 6.7% of revenues.
Operating income aggregated $81.1 million in the reported quarter compared with $75.1 million in the year-ago quarter. The increase in operating income was driven by higher revenues. Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) increased to $100.1 million from $91.4 million in the year-ago quarter.
Balance Sheet and Cash Flow
At fiscal-end 2016, CACI International had cash and cash equivalents of $49.1 million compared with $35.4 million at fiscal-end 2015. Long-term debt (net of current portion) totaled $1,402.1 million as of Jun 30, 2016 compared with $1,024.6 million in the prior-year period.
Net cash from operations for fiscal 2016 was $242.6 million compared with $226.9 million in the year-ago period.
Guidance Reiterated
CACI International reiterated its earlier guidance for fiscal 2017. For fiscal 2017, revenues are expected in the range of $4,050 million–$4,250 million. Net income is expected in the range of $150 million to $160 million, resulting in earnings per share in the range of $6.02–$6.43.
Moving ahead, CACI International expects to diligently focus on its operating plans to reward shareholders with attractive risk-adjusted returns. The company remains confident about its competitive position and continued ability to meet customer requirements through the delivery of innovative, affordable solutions and services.
CACI International currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the industry include CSG Systems International Inc. (CSGS - Free Report) , Forrester Research Inc. (FORR - Free Report) and Ebix Inc. , each carrying a Zacks Rank #2 (Buy).
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CACI Comprehensively Beats Q4 Earnings, Retains FY17 View
Information technology services provider CACI International Inc. (CACI - Free Report) ended fiscal 2016 with a bang as it reported strong fourth-quarter results with healthy year-over-year increase in both earnings and revenues. GAAP earnings for the reported quarter were $43.6 million or $1.75 per share compared with $41.4 million or $1.68 per share in the prior-year quarter. The year-over-year increase in earnings was primarily driven by a significant improvement in revenues.
On a non-GAAP basis, fourth-quarter fiscal 2016 earnings were $2.35 per share, up from $2.119 in the year-earlier quarter. Adjusted earnings (excluding stock-based compensation expenses) for the reported quarter were $2.24 per share, which comprehensively beat the Zacks Consensus Estimate of $1.58. For fiscal 2016, GAAP earnings were $142.8 million or $5.76 per share, up from $126.2 million or $5.17 per share in fiscal 2015. Non-GAAP earnings for fiscal 2016 were $7.87 per share compared with $7.23 in fiscal 2015.
Quarterly revenues were up 28.7% year over year to $1,113.9 million largely due to the accretive acquisition of National Security Solutions (NSS). The reported revenues exceeded the Zacks Consensus Estimate of $1,099 million. Fiscal 2016 revenues increased to $3.7 billion from $3.3 billion in fiscal 2015 owing to positive contribution from NSS acquisition.
CACI INTL A Price, Consensus and EPS Surprise
CACI INTL A Price, Consensus and EPS Surprise | CACI INTL A Quote
Other Significant Details
Contract awards more than doubled in the reported quarter to $1.6 billion, culminating in approximately 50% new business for CACI International. Contract funding orders were record high at $1.1 billion, up 30% year over year. Total backlog as of Jun 30, 2016 was $11 billion with a funded backlog of $2.3 billion.
In terms of customer mix, the Department of Defense accounted for about 64.1% of the total revenue in the reported quarter. Federal Civilian Agencies contributed about 29.2%, while Commercial and other customers accounted for 6.7% of revenues.
Operating income aggregated $81.1 million in the reported quarter compared with $75.1 million in the year-ago quarter. The increase in operating income was driven by higher revenues. Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) increased to $100.1 million from $91.4 million in the year-ago quarter.
Balance Sheet and Cash Flow
At fiscal-end 2016, CACI International had cash and cash equivalents of $49.1 million compared with $35.4 million at fiscal-end 2015. Long-term debt (net of current portion) totaled $1,402.1 million as of Jun 30, 2016 compared with $1,024.6 million in the prior-year period.
Net cash from operations for fiscal 2016 was $242.6 million compared with $226.9 million in the year-ago period.
Guidance Reiterated
CACI International reiterated its earlier guidance for fiscal 2017. For fiscal 2017, revenues are expected in the range of $4,050 million–$4,250 million. Net income is expected in the range of $150 million to $160 million, resulting in earnings per share in the range of $6.02–$6.43.
Moving ahead, CACI International expects to diligently focus on its operating plans to reward shareholders with attractive risk-adjusted returns. The company remains confident about its competitive position and continued ability to meet customer requirements through the delivery of innovative, affordable solutions and services.
CACI International currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the industry include CSG Systems International Inc. (CSGS - Free Report) , Forrester Research Inc. (FORR - Free Report) and Ebix Inc. , each carrying a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>