CACI International Q4 Profit Down, But Tops View - Update

(RTTNews) - Federal technology contractor CACI International Inc (CACI), Wednesday reported a drop in profit for the fourth quarter, hurt by lower revenues and higher interest expenses. Nonetheless, earnings and revenues for the quarter came in ahead of analysts' estimates.

Arlington, Virginia-based CACI's fourth-quarter profit dropped to $36.5 million or $1.49 per share from $37.9 million or $1.56 per share last year. Analysts polled by Thomson Reuters expected earnings of $1.43 per share for the fourth quarter. Analysts' estimates typically exclude one-time items.

Revenue for the fourth quarter edged down 0.8 percent to $905.7 million from $912.9 million a year ago. Analysts had a consensus revenue estimated of $891.63 million for the quarter.

Revenues were hurt largely by reductions in Afghanistan-related material purchases and subcontract labor, lower run rates on professional services contracts, and delays in planned contract awards. CACI generates majority of its revenues from contracts received from the U.S. government, however, lately the company has been hit by budget cuts.

Interest expense rose 51.1 percent to $9.83 million from last year.

Looking forward to the full year 2015, the company continues to expect earnings of $5.10 to $5.51 per share and revenues of $3.30 billion to $3.60 billion. Analysts currently expect earnings of $5.33 per share on revenues of $3.55 billion for the fiscal year 2015.

CACI closed Wednesday's trading at $70.40, up $0.16 or 0.23%, on the Nasdaq. The stock further gained $0.16 or 0.23% in after-hours trade.