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Contractor CACI cuts forecast as U.S. government spending falls
April 2, 2014 / 9:41 PM / 4 years ago

Contractor CACI cuts forecast as U.S. government spending falls

(Reuters) - U.S. contractor CACI International Inc (CACI.N) cut its fiscal 2014 forecast as it struggles with reduced government spending and delays in getting new contracts.

CACI’s shares fell as much as 9 percent after the bell.

The company, which provides services to national security missions of the U.S. government, expects to earn $5.12-$5.51 per share, down from its earlier estimate of $5.59-5.98.

CACI also cut its revenue forecast to $3.50 billion-$3.60 billion from $3.65 billion-$3.80 billion.

Analysts on average were expecting earnings of $5.78 per share on revenue of $3.70 billion, according to Thomson Reuters I/B/E/S.

CACI also said it was facing reductions in Afghanistan-related material purchases.

The company’s shares were trading down at $68 after the bell on Wednesday. They closed at $74.56 on the New York Stock Exchange.

Reporting by Rohit T. K. in Bangalore; Editing by Sriraj Kalluvila

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