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CACI Reports Higher Q4, Full 2023 Fiscal Year Revenues; John Mengucci on New Business Wins

CACI International (NYSE: CACI) posted a 4 percent year-over-year jump in revenues to $1.7 billion for the fourth quarter ended June 30 and an 8 percent increase to $6.7 billion for the full fiscal year 2023.

The Reston, Virginia-based government technology services contractor attributed the higher sales to recently completed acquisitions and 6 percent organic growth.

CACI said Wednesday it ended the quarter with a total backlog of $25.8 billion, of which $3.7 billion was funded, reflecting a 16 percent increase from the previous year’s funded backlog.

The company booked $2.3 billion in Q4 contracts with nearly 70 percent accounting for new contract work.

Some of the major awards during the quarter are a $1.2 billion contract with the U.S. Navy in support of the Spectral mission technology program and a $209 million contract to provide technical training and logistics support services to Naval Forces Logistics.

CACI saw its Q4 net income climb 15.9 percent to $107.8 million and reported $384.7 million in net income for the full FY 2023, reflecting a 4.9 percent rise from the previous fiscal year.

Adjusted diluted earnings per share for the fourth quarter and full fiscal year rose 16.7 percent and 5.7 percent, respectively.

John Mengucci, president and CEO of CACI, attributed the strong financial performance to the company’s consistent strategy implementation.

We delivered on our commitments of top-line growth, margin expansion, and healthy cash flow generation,” said Mengucci, a four-time Wash100 awardee.

We won significant new business, including enterprise-scale IT modernization work with the Air Force, exquisite cyber work in the intelligence community, and development of the Navy’s next-generation shipboard signals intelligence and electronic warfare platform,” he added.

CACI released its FY 2024 guidance, expecting to record $7 billion to $7.2 billion in full-year revenues and adjusted net income of between $440 million and $465 million.

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