CACI International (NYSE: CACI) released its results for the three months that ended Sept. 30, highlighting a 15.2 percent year-over-year revenue growth to $1.85 billion during the first quarter of its fiscal year 2024.
John Mengucci, president and CEO of CACI and a four-time Wash100 awardee, said in a statement published Wednesday, “The business is performing well and ahead of our expectations at this point in the year. We are strategically positioned in the right markets with differentiated capabilities.”
Organic growth, including approximately $100 million of higher-than-expected material purchases by customers, drove revenue higher and was six percent of the top line. While net income decreased 3.5 percent to $86 million versus Q1 FY23, income from operations reached $137.3 million, 3.4 percent higher from a year ago. At the month’s end, the total backlog was $26.7 billion or seven percent more than the $24.9 billion on Sept. 30, 2022.
Other business highlights during the quarter were several contract awards. The U.S. Air Force awarded CACI a five-year expertise contract to provide complete life cycle software and systems engineering to improve battlespace awareness. The professional services and IT company also secured an eight-year, single-award technology task order worth nearly $1.3 billion from an Intelligence Community customer.
For the full fiscal year 2024, CACI expects the following: revenue between $7.2 billion and $7.4 billion; adjusted net income between $440 million and $465 million; and free cash flow of at least $410 million.
Mengucci said CACI’s financial strength enables it to deploy capital opportunistically. The company recently repurchased an additional $150 million worth of its stock.
