CACI Raises Guidance After Buying CSRA Unit
August 16 2018 - 8:19AM
Dow Jones News
By Michael Dabaie
CACI International Inc. (CACI) on Thursday raised it fiscal-year
2019 guidance after completing an acquisition, less than 24 hours
after reiterating previous guidance.
CACI said Thursday it completed the acquisition of the systems
engineering and acquisition support services business unit of CSRA
LLC, a managed affiliate of General Dynamics Information Technology
Inc., for $84 million.
CACI raised it guidance for fiscal 2019 revenue to $4.7 billion
to $4.9 billion, from the previous guidance of $4.55 billion to
$4.75 billion. CACI had reiterated that previous guidance when it
reported fourth-quarter earnings Wednesday afternoon.
The company raised its earnings per share guidance to $9.14 to
$9.53 from the previous $8.98 to $9.38.
CACI said the transaction is expected to add about $150 million
to its fiscal 2019 revenue.
General Dynamics (GD) in April completed its acquisition of
CSRA, a transaction the company said was valued at about $9.7
billion. Prior to that, CACI had submitted an unsolicited bid for
the company to prevent the tie-up between General Dynamics and
CSRA. CACI withdrew that bid in late March.
The systems engineering and acquisition support services
business unit that CACI acquired provides comprehensive engineering
services to the U.S. Navy.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
August 16, 2018 09:04 ET (13:04 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
CACI (NYSE:CACI)
Historical Stock Chart
From Jun 2024 to Jul 2024
CACI (NYSE:CACI)
Historical Stock Chart
From Jul 2023 to Jul 2024