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CACI Posts 11% Hike in Q2 Fiscal 2024 Revenue; John Mengucci Quoted

CACI International (NYSE: CACI) reported an 11.2 percent year-over-year increase in revenues to $1.8 billion during the second quarter of fiscal year 2024 and saw its adjusted diluted earnings per share grow 2 percent to $4.36 for the quarter ended Dec. 31.

CACI said Thursday it ended the quarter with a total backlog of $26.9 billion, of which $3.7 billion was funded, showing an increase of 16 percent from the previous year’s funded backlog.

The Reston, Virginia-based government technology services contractor secured $2.2 billion in contracts during the period and new business accounted for 55 percent of the contract awards.

Some of the major awards during the quarter are a $526 million task order with the U.S. Army for the Global Enterprise Network Modernization program; a $382 million task order to provide software and full life cycle support for the Army’s Trojan family of systems and a $64 million contract with the U.S. Air Force to provide hardware and systems engineering support for the service’s Distributed Common Ground System.

The company reported $83.9 million in Q2 net income and $3.74 in diluted earnings per share.

Second-quarter revenue and gross profit drove income from operations to climb 1.9 percent to $133.3 million.

The first half of Fiscal Year 2024 played out as we expected and we are seeing increasing momentum in the second half of the year. This acceleration enables us to raise our Fiscal Year 2024 guidance,” said John Mengucci, president and CEO of CACI.

Based on its FY 2024 guidance, CACI expects to log $7.3 billion to $7.7 billion in revenues and adjusted diluted earnings per share of between $19.91 and $20.58.

We continue to win in the marketplace by providing differentiated capabilities, investing ahead of customer need, and leveraging our exceptional past performance and business development,” added Mengucci, a 2024 Wash100 awardee.

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