CACI Profit Declines As Revenues Dip - Update

(RTTNews) - Defense contractor CACI International Inc (CACI), Wednesday said its profit for the fourth quarter declined, due mainly to curtailed demand from the Department of Defense and lower operating margins. Looking ahead, the company reiterated its outlook for 2013, even as it streamlines expenses amid volatile market conditions.

CACI, based in Arlington, Virginia, reported quarterly net income of $38 million or $1.56 per share, compared with $43 million or $1.59 per share last year.

Excluding items, adjusted earnings for the quarter were $50 million or $2.06 per share, compared with $57 million or $2.08 per share a year ago.

On average, 14 analysts polled by Thomson Reuters expected earnings of $1.60 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the fourth quarter declined 3.8 percent to 913 million from $949 million in the prior year. Analysts had consensus revenue estimate of $927.88 million.

Operating income dropped 11.2 percent to $68 million from $77 million in the prior-year quarter, negatively impacted by $7 million in one-time severance and facilities-related expenses.

Operating margin for the quarter receded to 7.4 percent from 8.1 percent last year.

For the fiscal year 2014, CACI continues to expect earnings of $5.70 to $6.10 per share on revenues of $3.5 billion to $3.7 billion. Analysts currently estimate earnings of $6.40 per share on revenues of $3.70 billion for the year.

The company's stock traded at $68.75, up $0.37 or 0.54%, on a volume of 0.34 million shares on the NYSE.