Booz Allen Hamilton Holding Corp. (BAH) Wednesday reported a decline in profit for the fiscal third quarter, hurt mainly by lower revenues.
Lower demand lead to a reduction in headcount and related billable hours, thereby contributing to a decline in direct labor, said the company.
Net income for the quarter declined to $56.18 million or $0.38 per share from $62.86 million or $0.44 per share in the same period last year.
Adjusted earnings for the period was $59.7 million or $0.41 per share. On average, seven analysts polled by Thomson Reuters expected the company to earn $0.38 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues totaled $1.39 billion, down from $1.44 billion last year. Analysts expected revenues of $1.43 billion.
Looking ahead to fiscal 2013, at the bottom line, the company has narrowed its earnings guidance to a range of $1.40 to $1.45 per share. This compares to the previous forecast of $1.40 to $1.50 per share.
Adjusted earnings is currently projected in the range of $1.60 to $1.65 per share, up from $1.60 to $1.70 per share, announced previously. Analysts, based on consensus, currently expect the company to report full-year earnings of $1.63 per share.
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