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CACI International Inc
CACI issued disappointing guidance for fiscal year 2017, guiding for earnings 8 percent lower than Citi estimates, according to analyst Jonathan Raviv. While cash is up, light sales are pressuring the company's forecast.
Sales are now guided to be between $4.05 billion and $4.4 billion. The consensus estimate had been $4.4 billion and Citi was expecting $4.33 billion. If the company is correct, it will mean a 5 percent contraction in organic sales. CACI had previously hinted that organic sales would grow based on improved bookings, but the link they were expecting between backlog and sales growth doesn't look like it will materialize.
CACI shares were down just over 7 percent at $92.08 about an hour before the close on Thursday.
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