CACI Advances After Moving Up Date of Earnings Forecast
CACI International Inc. (CACI), a technology consultant to the U.S. government, rose the most in six months amid investor speculation the company will announce a positive fiscal 2013 earnings forecast tomorrow.
The shares rose 4.8 percent to close at $44.11 at 4:15 p.m. in New York, the biggest gain since Nov. 28. The stock has declined 21 percent so far this year.
On May 3, the Arlington, Virginia-based company reduced its fiscal 2012 revenue forecast in part because of slower-than- expected customer purchases. CACI said in a statement released after the close of markets yesterday it would move up the date for providing its fiscal 2013 earnings outlook to tomorrow from June 27.
“Investors are viewing the early announcement favorably,” said Tobey Sommer, an analyst with SunTrust Robinson in Nashville, Tennessee. “Maybe things aren’t as bad as we thought.”
Analysts estimate profit for the year ending June 30 of $5.82 a share, the average of 17 analysts compiled by Bloomberg. The company earned $4.61 a share last year. The average estimate for fiscal 2013 is $5.66 a share.
CACI also said today it was awarded a $165 million contract to automate procurement activities for the Department of Defense.
(CACI will hold a conference call June 7 at 8:30 a.m. New York (NYX) time, available through the company’s website at www.caci.com.)
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