CACI International (NYSE: CACI) recorded a 19.7 percent year-over-year growth in revenues to $2 billion for the fourth quarter ended June 30 and a 14.3 percent increase to $7.7 billion for the full fiscal year 2024.
The Reston, Virginia-based government technology services contractor attributed the higher Q4 sales to 18.5 percent organic growth.
CACI said Wednesday it ended the quarter with a total backlog of $31.6 billion, of which $3.8 billion was funded, up 3 percent from the previous year’s funded backlog.
The company saw its Q4 net income rise 25 percent to $134.7 million and posted $420 million in net income for the full FY 2024, showing a 9.1 percent increase from the previous fiscal year.
Adjusted diluted earnings per share for the fourth quarter and full fiscal year rose 24.7 percent and 11.8 percent, respectively.
Notable Q4 Contract Wins
For the full fiscal year 2024, CACI recorded $14.2 billion in contract awards, up 40.3 percent from the prior fiscal year, with a book-to-bill ratio of 1.9x.
“With more than $14 billion of awards, we continue to demonstrate our ability to win in the marketplace with differentiated capabilities that address our customers’ most critical national security needs,” John Mengucci, president and CEO of CACI, said in a statement.
The company booked $5.4 billion in Q4 contracts with nearly 70 percent accounting for new contract work.
Some of the major awards during the quarter are the potential eight-year, $2 billion NASA Consolidated Applications and Platform Services contract, a 10-year, $450 million contract to support the Joint Navigation Warfare Center and a five-year, $416 million task order from the U.S. Army to design and produce radio frequency systems for signals intelligence missions.
CEO John Mengucci on Business Development as Key Enabler of Strong Fiscal Performance
CACI saw its total backlog climb 22 percent to $32 billion, driven by business development efforts.
“The outstanding results we delivered in fiscal 2024 are a testament to our successful execution of a consistent, well-defined and market-aligned strategy. A key enabler of our performance is business development,” Mengucci, a 2024 Wash100 awardee, told analysts during the earnings call Thursday.
During the call, the chief executive cited the reasons behind winning key new contract work in FY 2024.
“Our strategy of investing ahead of need, bidding less and winning more, focusing on larger and longer term duration opportunities and proactively shaping those opportunities enabled CACI to win significant new work in fiscal 2024,” Mengucci stated.
“In addition, our focus on superior execution, which is foundational to the culture and always the top priority, further supports our growth through sole-source extensions and expanded re-competes,” he added.
CACI released its FY 2025 guidance, expecting to post $7.9 billion to $8.1 billion in full-year revenues and $505 million and $525 million in adjusted net income.
