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CSC cuts forecast because of contracting delays

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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.


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