CACI Raises Guidance After Buying CSRA Unit

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 [e-mail]

(END) Dow Jones Newswires

August 16, 2018 09:04 ET (13:04 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.