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RESTON, Va., Sept. 18, 2024 (GLOBE NEWSWIRE) -- Science Applications International Corp. (NASDAQ: SAIC) has been awarded a new $229 million contract by the U.S. Department of Defense to provide vital IT solutions under the NORAD/USNORTHCOM Information Technology Enterprise Services (NITES) program.
"NORAD and USNORTHCOM defend America and its people,” said Vinnie DiFronzo, executive vice president for Air Force and Combatant Commands at SAIC. “SAIC is committed to delivering a highly-resilient, highly-available IT network for these warfighters who have a no-fail mission. We will leverage our recent NORAD command and control modernization success through the ABMS Cloud Based Command and Control program to accelerate NORAD’s Enterprise IT capability.”
SAIC will drive modernization, innovation and efficiency for the NITES program, deploying skilled professionals and solutions in IT service management, network modernization, automation of existing IT systems, cloud migration and cybersecurity.
To learn more about SAIC’s work with the DoD and Combatant Commands, please visit SAIC.com/defense.
About SAIC SAIC® is a premier Fortune 500® technology integrator focused on advancing the power of technology and innovation to serve and protect our world. Our robust portfolio of offerings across the defense, space, civilian and intelligence markets includes secure high-end solutions in mission IT, enterprise IT, engineering services and professional services. We integrate emerging technology, rapidly and securely, into mission critical operations that modernize and enable critical national imperatives.
We are approximately 24,000 strong; driven by mission, united by purpose, and inspired by opportunities. SAIC is an Equal Opportunity Employer, fostering a culture of diversity, equity and inclusion, which is core to our values and important to attract and retain exceptional talent. Headquartered in Reston, Virginia, SAIC has annual revenues of approximately $7.4 billion. For more information, visit saic.com. For ongoing news, please visit our newsroom.
Forward-Looking Statements Certain statements in this release contain or are based on “forward-looking” information within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “guidance,” and similar words or phrases. Forward-looking statements in this release may include, among others, estimates of future revenues, operating income, earnings, earnings per share, charges, total contract value, backlog, outstanding shares and cash flows, as well as statements about future dividends, share repurchases and other capital deployment plans. Such statements are not guarantees of future performance and involve risk, uncertainties and assumptions, and actual results may differ materially from the guidance and other forward-looking statements made in this release as a result of various factors. Risks, uncertainties and assumptions that could cause or contribute to these material differences include those discussed in the “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Legal Proceedings” sections of our Annual Report on Form 10-K, as updated in any subsequent Quarterly Reports on Form 10-Q and other filings with the SEC, which may be viewed or obtained through the Investor Relations section of our website at saic.com or on the SEC’s website at sec.gov. Due to such risks, uncertainties and assumptions you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. SAIC expressly disclaims any duty to update any forward-looking statement provided in this release to reflect subsequent events, actual results or changes in SAIC’s expectations. SAIC also disclaims any duty to comment upon or correct information that may be contained in reports published by investment analysts or others. Media Contact:
Jake Weyant571.232.4058 | jacob.weyant@saic.com
CACI International CACI shares have gained 51.5% year to date, outperforming the Zacks Computer and Technology Sector and S&P 500 index’s growth of 19.4% and 18.1%, respectively.
CACI International stock has also outperformed the Zacks Electronics - Semiconductors industry’s return of 15.2% in the same time frame. CACI’s outperformance reflects investors’ confidence in the persistent demand for CACI’s offerings in the federal and defense space.
In a move to further enhance its portfolio, CACI recently agreed to acquire Azure Summit Technology in an all-cash transaction for $1.275 billion. The acquisition will add radio frequency technology and electromagnetic spectrum expertise to CACI’s portfolio.
The Acquisition of Azure Summit to Boost CACI’s Prospects
Azure Summit Technologies’ core expertise lies in intelligence, surveillance and reconnaissance (ISR), electronic warfare (EW) and signals intelligence (SIGINT). These offerings will aid CACI in increasing the depth of its offerings for the Department of Defence clients.
So far this year, CACI has received a dedicated SIGINT order worth $416 million, an ISR order worth $198 million and a $382 million Electronic Warfare Systems Task Order all from the U.S. Army. The acquisition of Azure Summit is anticipated to result in a greater inflow of orders due to the enhanced capabilities of CACI.
Additionally, CACI believes that the acquisition of Azure Summit will be immediately accretive to its revenue growth, EBITDA margin, adjusted earnings per share and free cash flow per share. In an investor presentation, CACI revealed that it expects Azure Summit to contribute nearly $440 million in revenues and approximately $110 million in adjusted EBITDA in the first year following the completion of the acquisition.
CACI International YTD Performance
Near-Term Challenges for CACI
CACI International operates in a highly competitive defense, space, intelligence and mission-critical services market that comprises contenders, including Science Applications International SAIC, Leidos Holdings LDOS and KBR Inc. KBR.
CACI’s competitors, Science Applications International, KBR and Leidos, are established players in the industry with their respective strengths. They compete with CACI through a competitive bidding process. These players also compete for a limited number of government contracts from the Department of Defense, the Department of Homeland Security and other U.S. government agencies, creating a highly competitive environment in this niche industry. This high competition causes pricing pressure leading to low-margin government deals, affecting CACI’s profitability.
CACI International is also facing challenges from recessionary concerns amid the ongoing macroeconomic and geopolitical tensions that might lead to softened spending by government agencies.
CACI’s rising debt level is another major concern. Its long-term debt has increased in the past eight years. The figure rose to $1.48 billion at the end of fiscal 2024 from $1.03 billion at the end of fiscal 2015. As a result, its annualized interest expense has increased during the same time frame. Additionally, the long-term debt level of $1.48 billion as of June 30, 2024, is much more than cash and cash equivalents of $134 million.
Conclusion
CACI’s latest agreement to acquire Azure Summit is likely to enhance its offerings in ISR, EW and SIGINT space, as well as boost its financial prospects. CACI shares have jumped 51% year to date and reached $490.37 as of Sept. 16. Shares of CACI International trade near its 52-week high of $498, which limits the stock’s upside potential.
Intensified competition and its high debt levels, along with low cash levels, also pose major concerns. So, it is prudent for investors to wait for a better entry time. CACI carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.
The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.
It also includes access to the Zacks Style Scores.
What are the Zacks Style Scores?
Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value Score
For value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.
Growth Score
Growth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.
Momentum Score
Momentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
VGM Score
What if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank
The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +25.41% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.
That's where the Style Scores come in.
To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.
Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.
For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: SAIC (SAIC)
Science Applications International Corporation (SAIC) is one of the leading information technology ("IT") and professional services provider, primarily to the U.S. government. Founded in 1969, the company’s headquarter is located at Reston, VA.
SAIC is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.
Momentum investors should take note of this Computer and Technology stock. SAIC has a Momentum Style Score of B, and shares are up 8.1% over the past four weeks.
Four analysts revised their earnings estimate upwards in the last 60 days for fiscal 2025. The Zacks Consensus Estimate has increased $0.07 to $8.17 per share. SAIC boasts an average earnings surprise of 11.4%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, SAIC should be on investors' short list.
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