CACI Logs Higher Q4 2022, Full Fiscal Year Revenues; John Mengucci Cites Tech Investments to Drive Customer Demand

CACI International (NYSE: CACI) reported a 5 percent increase in revenue to $1.64 billion for the fourth quarter ended June 30 and a 2.6 percent jump to $6.20 billion for the full 2022 fiscal year.

The Reston, Virginia-based government contractor attributed the higher sales to recently closed acquisitions and organic growth.

Fourth quarter revenue drove income from operations to rise to $119.8 million, partially countered by higher indirect costs and selling expenses.

CACI booked $1.5 billion in contracts for the period, including a $5578 million task order to support the U.S. Navy’s Naval Surface Warfare Center Crane, and noted roughly 70 percent of the awards represented new work for the company.

Total backlog at the end of June was $23.3 billion, with $3.2 billion funded, while net income for the quarter amounted to $93 million, or $3.93 per diluted share.

John Mengucci, president and CEO of CACI, told analysts during an earnings call the company is investing in new technology platforms in a push to help government customers modernize legacy networks, defend against cyber threats and manage dispersed workforce.

“We continue to invest ahead of need and differentiated expertise and technology to address key priorities that will drive long-term customer demand and spending,” added Mengucci, a three-time Wash100 Award recipient.

The company expects to generate fiscal 2023 revenue in the $6.48 billion-to-$6.68 billion range and adjusted net income of between $420 million and $440 million.

CACI shares opened higher at $285.55 on Wednesday from a previous close of $283.51.

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