CSC cuts forecast because of contracting delays
- February 9, 2011
IT contractor CSC cut its 2011 forecast because of contract delays with the federal government.
Falls Church-based CSC predicts revenue of $16.2 billion this year, down from an original estimate of $16.5 to $17 billion.
“Our Public Sector revenue continues to be impacted by award decision delays by the federal government while our commercial segments continue on their growth trajectory,” CEO Michael Laphen said in a statement.
As a result, shares of CSC fell 14.35 percent on Wednesday.
Third-quarter revenue rose 1.4 percent in the third quarter to $4.01 billion compared with $3.95 billion. Net income in the quarter rose to $242 million from $211 million in the same period last year.