Computer Task Group Q2 Profit Down, Shares Plunge 10%

(RTTNews) - Computer Task Group Inc. (CTG) Monday reported second-quarter net income of $4.06 million or $0.24 per share, down from $4.12 million or $0.25 per share last year. Following the news, shares of the company slipped ten percent in after hours trade.

Revenues for the quarter grew to $107.12 million from $106.71 million last year.

Analysts polled by Thomson Reuters expected earnings of $0.24 per share and revenues of $112.18 million for the quarter. Analysts' estimates typically exclude special items.

For the third quarter, the company expects earnings of $0.22 - $0.24 per share, and revenues of $105 million - $107 million. Analysts currently estimate earnings of $0.28 per share on revenues of $114.47 million for the quarter.

For the full year 2013, the company now expects earnings of $0.93 - $0.99 per share and revenues of $428 million - $436 million. Analysts currently estimate earnings of $1.06 per share on revenues of $454.72 million for the quarter.