CSRA Inc (NYSE:CSRA) posted financial report for Q3 2018, which closed December 29, 2017. Revenue for Q3 2018 came at $1.31 billion, a jump of 7% over Q3 2017. It is the largest YoY jump since the firm was established in November 2015, exhibiting both contributions from recent deals and organic growth. Revenue for Q3 2018 was up 3% compared to Q2 2018 despite increased seasonal leave-taking, which usually dampens third quarter revenue around 3%.
Larry Prior, the CEO and President of CSRA, expressed that they are the clear pioneer in next-gen IT delivery for the federal government. Their robust performance in Q3 2018 showcase the power of that premise. They recorded strong revenue growth with vital strategic acquisitions and new programs while maintaining their industry-leading margins. Their focus on innovation with major technology partners remains to drive exceptional business development success, which indicates that their long-term model is strong and their foundation is strong.
During Q3 2018, CSRA paid $17 million under its regular quarterly cash dividend plan. In addition, the firm closed its deal of Praxis Engineering Technologies LLC, a leader in offering mission applications to warrant the success of Intelligence Community clients, for around $235 million in cash. Dave Keffer, the Chief Financial Officer of CSRA, commented that with overall robust financial performance, they are able to improve or maintain their projection ranges for all metrics. Their ranges indicate robust organic growth in their fourth quarter, and tax reform is assisting to drive exceptional free cash flows and earnings growth.
CSRA solves their country’s hardest mission issues as a bridge from enterprise IT and mission to Next Gen, from government to technology associates, and from agency to agency. The company is tomorrow’s thinking, today.
More recently, CSRA reported that they have entered into a definitive deal with General Dynamics Corporation (NYSE:GD) under which latter will buy all outstanding shares of CSRA in a deal valued at $9.6 billion.