Shares of CACI International Inc. surged 12 percent on Thursday as the government information technology contractor provided a fiscal 2013 earnings guidance above analysts' expectations. The company also announced late Wednesday that President and CEO Paul Cofoni plans to retire on Dec. 1.
For fiscal 2013, CACI expects earnings of $6.60 to $6.90 per share on revenue of $3.8 billion to $4 billion.
Analysts polled by FactSet predict earnings of $5.65 per share on revenue of $3.85 billion.
CACI's stock jumped $5.39, or 12 percent, to $50.39 in morning trading. Over the past year, the shares have traded between $41.29 and $66.49.
The Arlington, Va. company still anticipates fiscal 2012 earnings of $5.80 to $6.01 per share on revenue of $3.73 billion to $3.83 billion.
Wall Street forecasts earnings of $5.82 per share on revenue of $3.79 billion.
To help ensure a smooth transition, Cofoni will become chief adviser to Executive Chairman J.P. London as of July 1. At that time Daniel D. Allen, president of U.S. operations, will become president and CEO. The company will also name John S., Mengucci, chief operating officer of U.S. operations, as COO and president of U.S. operations.
Cofoni has served as president and CEO since July 2007.
In addition, CACI's board approved the buyback of 4 million shares of the company's stock. A previous 4 million repurchase program was completed last month. The new buyback is expected to start sometime in the near future