CACI says effects of pandemic 'are still here'

CACI International executives said they are lowering their fiscal year 2021 sales guidance because of a "greater than expected impact" from the ongoing COVID-19 pandemic.

The contractor said it is still seeing "travel restrictions, reduction in government processing of deployment orders, and delays in task orders."

CACI now expects FY-21 sales of $6 billion to nearly $6.1 billion, down from a previous estimate of nearly $6.1 billion to almost $6.3 billion.

In a call with analysts today, John Mengucci, CACI's chief executive, said the company continues to see a "general slowness in taskings."

"COVID impacts, both direct and indirect, are still here," he said. "Looking forward, I firmly believe that as the vaccination program continues to roll out, we're going to see those pressures lessen."

Meanwhile, the company said today sales in its most recent quarter totaled nearly $1.6 billion, up almost 6% from the same three-month period a year earlier. Quarterly profit reached $120 million, up 49% from the prior year.

CACI attributed its sales growth to higher sales and lower indirect costs, among other items. The profit growth, it said, was buoyed by a lower tax rate.