CACI International Inc., a provider of professional services and technology consulting to the U.S. government, tumbled the most in a decade after cutting its annual sales forecast.
The shares fell 16 percent to $51.52 at the close in New York, for the steepest decline since April 2002. The shares have fallen 7.9 percent this year.
Fiscal 2012 revenue will be $3.73 billion to $3.83 billion, the Arlington, Virginia-based company said today in a statement. It had originally predicted sales of as much as $4.05 billion, while analysts had estimated $3.95 billion, according to data compiled by Bloomberg.
CACI blamed the shortfall in part on slower-than-anticipated procurement by customers. The company expects its growth rate to decelerate because of uncertainty in government budgeting and “the drawdown in Southwest Asia.”