CACI International Plunges on Q3 Earnings, Credit Suisse Downgrade
Shares of CACI International (NASDAQ: CACI) are under pressure on Thursday morning after the company released its Q3 earnings results on Tuesday after the market close. On Thursday morning, Credit Suisse downgraded the stock to "neutral" and lowered their price target on the name from $68.00 to $53.00. At last check, CACI was down 12.75% at $53.59.
The company reported adjusted net income for the third quarter of $53.7 million or $1.91 per share, compared to $48.6 million or $1.55 per share, in the year ago period. This came in ahead of Wall Street analysts' consensus EPS estimates of $1.43.
Revenues in the quarter were up 1.6% to $927.96 million versus $913.37 million last year. This missed consensus estimates of $1.00 billion.
For fiscal 2012, CACI now sees revenues of $3.73 billion to $3.83 billion and EPS of $5.74 to $5.95. This compares to the company's previous guidance of revenue of $3.85 billion to $4.05 billion and EPS of $5.72 to $5.94.
Currently, Wall Street analysts have consensus EPS estimates of $5.85 on revenue of $3.95 billion for fiscal 2012.
CACI International Inc (CACI) along with its wholly owned subsidiaries and joint ventures, is an international information systems, high technology services, and professional services corporation. It delivers professional services and information technology solutions to its clients, primarily the United States government.
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