CACI Int'l Cuts FY14 Outlook

(RTTNews) - Government contractor CACI International Inc (CACI) on Wednesday lowered its fiscal year 2014 revenue and earnings outlook to reflect reduced government spending and delays in award activity.

The Arlington, Virginia-based company said it now expects revenue of $3.50 billion to $3.60 billion and earnings of $5.12 to $5.51 per share for the fiscal year 2014. Previously, the company expected revenue of $3.65 billion to $3.80 billion and earnings of $5.59 to $5.98 per share.

Analysts polled by Thomson Reuters currently expect the company to earn $5.78 per share on revenue of $3.71 billion for the fiscal year 2014.

The company said it continues to experience delays in contract awards for new business, lower run-rates on professional services contracts, and reductions in Afghanistan-related material purchases.

The company also said that it expects fourth quarter net income to be higher than its third quarter due to higher award fees, greater contributions by Six3 Systems, increased volume of high margin product sales, modestly higher direct labor, and lower interest expense.

CACI will release its fiscal third quarter results on April 30 after the close of markets.

CACI shares are currently losing 8.80% in after hours trading after closing the day's regular trading session at $74.56, up 50 cents.