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Cut in Full-Year Earnings Outlook and Revenue at CACI International

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Shares of the government IT contractor CACI International Inc (NYSE:CACI) are sinking in early trading after the company cut its full year earnings outlook. The full year earnings outlook was lowered to a range of $5.12 to $5.51 a share from the previous estimated ranged of $5.59 to $5.98 a share. The revenue outlook was also lowered from the prior target. CACI International cited a reduction in government spending and delays in new contracts awarded by the government as reasons for the revision.