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CACI reported first-quarter fiscal 2025 non-GAAP earnings of $5.93 per share, which beat the Zacks Consensus Estimate of $5.08. The bottom line increased 36% on a year-over-year basis, primarily driven by higher revenues, operating income, reduced interest expenses and lower shares outstanding, partially offset by higher tax provisions.
Stay up-to-date with all quarterly releases: See ZacksEarnings Calendar.
In the first quarter of fiscal 2025, CACI reported revenues of $2.06 billion, which surpassed the consensus mark of $1.93 billion. The top line increased 11.2% from the prior-year quarter, primarily driven by 9.9% organic growth.
Buoyed by better-than-expected first-quarter performance, CACI raised its fiscal 2025 guidance. We expect that the company’s overwhelming quarterly performance, along with its upbeat outlook, will give a fresh boost to CACI stock, which is already outperforming the Computer - Services industry. Year to date, CACI shares have soared 61.8% compared with the industry’s return of 16.2%.
CACI’s Q1 Details
In the first quarter of fiscal 2025, contract awards totaled $3.3 billion, with roughly 75% for new business. Awards exclude ceiling values of multi-award, indefinite delivery, indefinite quantity contracts.
Total backlog as of Sept. 30, 2024, was $32.4 billion, up 21.3% from $26.7 billion reported a year ago. Funded backlog was $4.3 billion, up 2.4% from $4.2 billion reported a year ago. Our estimates for total backlog and funded backlog were pegged at $33.1 billion and $4.4 billion, respectively.
In terms of the customer mix, the Department of Defense contributed 74.6% to total revenues in the reported quarter. Federal Civilian Agencies made up 21.4%, while Commercial and other customers accounted for 4%. Our estimates for the Department of Defense, Federal Civilian Agencies, and Commercial and Other customers’ contributions toward total revenues were pegged at 74.3%, 20.8% and 4.9%, respectively.
CACI International, Inc. Price, Consensus and EPS Surprise
The Prime Contractor and Subcontractor accounted for 91.4% and 8.6% of total revenues, respectively. Our model estimates for the Prime Contractor and Subcontractor’s contributions toward total revenues were pinned at 89.4% and 10.6%, respectively.
In terms of contract type, cost-plus-fee-type, fixed-price, and time and material-type contracts contributed 62.2%, 23.1% and 14.7%, respectively, to total revenues. Our model estimates for cost-plus-fee-type, fixed-price, and time and material-type contracts’ contributions toward total revenues were pegged at 61.2%, 27.1% and 11.7%, respectively.
Expertise and Technology accounted for 48% and 52% of total revenues, respectively. Our estimates for Expertise and Technology’s contributions toward total revenues were pegged at 46.5% and 53.5%, respectively.
The operating income for the quarter amounted to $179.8 million, up 30.9% year over year. Moreover, the operating margin expanded 130 basis points (bps) to 8.7%.
Adjusted EBITDA increased 23.9% year over year to $215.9 million, while adjusted EBITDA margin expanded 110 bps to 10.5%.
CACI’s Balance Sheet & Cash Flow
As of Sept. 30, 2024, CACI had cash and cash equivalents of $441 million compared with the previous quarter’s $134 million.
The total long-term (net of the current portion) debt was $1.76 billion, up 19% from June 30, 2024.
The company generated operating cash flow (excluding mini-automatic radar plotting aid or MARPA) of $60.9 million in the first quarter of fiscal 2025, down 34.7% from the year-ago quarter
CACI Updates Fiscal 2025 Guidance
Buoyed by stronger-than-expected first-quarter performance, CACI raised its guidance for fiscal 2025. The company now anticipates revenues between $8.1 billion and $8.3 billion, up from the earlier guidance of $7.9-$8.1 billion. The Zacks Consensus Estimate for fiscal 2025 revenues is pegged at $8.06 billion, suggesting a 5.2% increase year over year.
Adjusted net income for fiscal 2025 is projected in the band of $515-$535 million, up from the earlier guidance of $505-$525 million. The company now estimates non-GAAP earnings per share in the range of $22.89-$23.78, up from the previous guidance of $22.44-$23.33. The consensus mark for the bottom line is pinned at $22.99 per share, indicating a year-over-year increase of 9.2%.
Free cash flow is now anticipated to be $435 million compared with the previous guidance of $425 million.
Zacks Rank & Stocks to Consider
Currently, CACI carries a Zacks Rank #3 (Hold) at present.
Arista Networks (ANET - Free Report) , Audioeye (AEYE - Free Report) and Onto Innovation (ONTO - Free Report) are some better-ranked stocks that investors can consider in the broader Zacks Computer & Technology sector.
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CACI International Q1 Earnings Beat: Can Strong Results Lift the Stock?
CACI International (CACI - Free Report) reported first-quarter fiscal 2025 results, wherein both top and bottom lines surpassed the Zacks Consensus Estimate.
CACI reported first-quarter fiscal 2025 non-GAAP earnings of $5.93 per share, which beat the Zacks Consensus Estimate of $5.08. The bottom line increased 36% on a year-over-year basis, primarily driven by higher revenues, operating income, reduced interest expenses and lower shares outstanding, partially offset by higher tax provisions.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
In the first quarter of fiscal 2025, CACI reported revenues of $2.06 billion, which surpassed the consensus mark of $1.93 billion. The top line increased 11.2% from the prior-year quarter, primarily driven by 9.9% organic growth.
Buoyed by better-than-expected first-quarter performance, CACI raised its fiscal 2025 guidance. We expect that the company’s overwhelming quarterly performance, along with its upbeat outlook, will give a fresh boost to CACI stock, which is already outperforming the Computer - Services industry. Year to date, CACI shares have soared 61.8% compared with the industry’s return of 16.2%.
CACI’s Q1 Details
In the first quarter of fiscal 2025, contract awards totaled $3.3 billion, with roughly 75% for new business. Awards exclude ceiling values of multi-award, indefinite delivery, indefinite quantity contracts.
Total backlog as of Sept. 30, 2024, was $32.4 billion, up 21.3% from $26.7 billion reported a year ago. Funded backlog was $4.3 billion, up 2.4% from $4.2 billion reported a year ago. Our estimates for total backlog and funded backlog were pegged at $33.1 billion and $4.4 billion, respectively.
In terms of the customer mix, the Department of Defense contributed 74.6% to total revenues in the reported quarter. Federal Civilian Agencies made up 21.4%, while Commercial and other customers accounted for 4%. Our estimates for the Department of Defense, Federal Civilian Agencies, and Commercial and Other customers’ contributions toward total revenues were pegged at 74.3%, 20.8% and 4.9%, respectively.
CACI International, Inc. Price, Consensus and EPS Surprise
CACI International, Inc. price-consensus-eps-surprise-chart | CACI International, Inc. Quote
The Prime Contractor and Subcontractor accounted for 91.4% and 8.6% of total revenues, respectively. Our model estimates for the Prime Contractor and Subcontractor’s contributions toward total revenues were pinned at 89.4% and 10.6%, respectively.
In terms of contract type, cost-plus-fee-type, fixed-price, and time and material-type contracts contributed 62.2%, 23.1% and 14.7%, respectively, to total revenues. Our model estimates for cost-plus-fee-type, fixed-price, and time and material-type contracts’ contributions toward total revenues were pegged at 61.2%, 27.1% and 11.7%, respectively.
Expertise and Technology accounted for 48% and 52% of total revenues, respectively. Our estimates for Expertise and Technology’s contributions toward total revenues were pegged at 46.5% and 53.5%, respectively.
The operating income for the quarter amounted to $179.8 million, up 30.9% year over year. Moreover, the operating margin expanded 130 basis points (bps) to 8.7%.
Adjusted EBITDA increased 23.9% year over year to $215.9 million, while adjusted EBITDA margin expanded 110 bps to 10.5%.
CACI’s Balance Sheet & Cash Flow
As of Sept. 30, 2024, CACI had cash and cash equivalents of $441 million compared with the previous quarter’s $134 million.
The total long-term (net of the current portion) debt was $1.76 billion, up 19% from June 30, 2024.
The company generated operating cash flow (excluding mini-automatic radar plotting aid or MARPA) of $60.9 million in the first quarter of fiscal 2025, down 34.7% from the year-ago quarter
CACI Updates Fiscal 2025 Guidance
Buoyed by stronger-than-expected first-quarter performance, CACI raised its guidance for fiscal 2025. The company now anticipates revenues between $8.1 billion and $8.3 billion, up from the earlier guidance of $7.9-$8.1 billion. The Zacks Consensus Estimate for fiscal 2025 revenues is pegged at $8.06 billion, suggesting a 5.2% increase year over year.
Adjusted net income for fiscal 2025 is projected in the band of $515-$535 million, up from the earlier guidance of $505-$525 million. The company now estimates non-GAAP earnings per share in the range of $22.89-$23.78, up from the previous guidance of $22.44-$23.33. The consensus mark for the bottom line is pinned at $22.99 per share, indicating a year-over-year increase of 9.2%.
Free cash flow is now anticipated to be $435 million compared with the previous guidance of $425 million.
Zacks Rank & Stocks to Consider
Currently, CACI carries a Zacks Rank #3 (Hold) at present.
Arista Networks (ANET - Free Report) , Audioeye (AEYE - Free Report) and Onto Innovation (ONTO - Free Report) are some better-ranked stocks that investors can consider in the broader Zacks Computer & Technology sector.
Arista Networks, AudioEye and Onto Innovation carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Arista Networks’ shares have gained 67.3% year to date. ANET is set to report its third-quarter 2024 results on Nov. 7.
AudioEye shares have skyrocketed 330.4% year to date. AEYE is set to report its fourth-quarter fiscal 2024 results on Nov. 7.
Onto Innovation shares have jumped 31.6% year to date. ONTO is set to report its third-quarter 2024 results on Oct. 31.