Reuters: Global Markets: ManTech falls as slowing war zone missions hurt quarter

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ManTech falls as slowing war zone missions hurt quarter May 4th 2012, 15:15 Fri May 4, 2012 11:15am EDT (Reuters) - Shares of ManTech International Corp (MANT.O) fell as much as 16 percent after the information technology company reported first-quarter results below analysts' expectations and cut its 2012 outlook on slowing revenue from overseas contingency operations. The fourth-quarter earnings miss is ManTech's second quarterly miss in a row, highlighting the challenges government IT services providers face amid weakening federal spending on defense and technology consulting. Larger rival CACI International Inc (CACI.N) on Wednesday cut its 2012 revenue outlook and said budget uncertainty is leading to slower-than-anticipated procurement actions, hurting revenue growth. With lower-than-anticipated award activity and a decrease in scope on overseas intelligence, surveillance, and reconnaissance mission support, ManTech now expects a more modest growth in the immediate term, the company said in a statement. "The U.S. combat mission in Afghanistan is scheduled to end in the summer of 2013 and nearly all troops are set to withdraw by the end of 2014," RBC Capital Markets said on a note to clients. RBC, which has an "underperform" rating on the shares of ManTech, cut its price target by $4 to $23 saying ManTech faces more than 2 years of quarters like the one gone by. Lazard Capital Markets cut its price target on ManTech shares to $36 from $40. ManTech shares were down 15 percent at $24.91 after touching a 6-year low of $24.75 earlier in the session. (Reporting by Bijoy Koyitty in Bangalore; Editing by Supriya Kurane) Link this Share this Digg this Email Reprints

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