Why Shares of Booz Allen Hamilton Plunged on Friday
Booz Allen Hamilton (NYSE: BAH) reported a largely disappointing quarter on Friday. Investors responded by heading for the exits, sending shares of the government contractor down 10.7% on the day.
Before markets opened on Friday, Booz Allen said it earned $1.04 per share in its fiscal third quarter on revenue of $1.9 billion. The per-share number beat the Wall Street consensus estimate of 93 cents in earnings, but the revenue was about $100 million light.
The earnings beat was nothing to crow about, as it was driven largely by a better-than-expected tax rate and not strong operations.
Source Fool.com
