May 3 (Bloomberg) -- 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.”
To contact the reporter on this story: Nick Turner in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Nick Turner at email@example.com