Booz Allen reported a profit of $175 million for the three months ended Sept. 30, with adjusted earnings at $1.49 a share. The company slashed its outlook for the year due to a severe slowdown in government contract funding, particularly in its civil sector, causing shares to drop 10%. Booz Allen anticipates revenue from its civil business will fall in the low-20% range this year and will not return to growth for several quarters. The company’s national security portfolio is performing better, but it cannot offset the decline in the civil business. Booz Allen now expects adjusted earnings of $5.45 to $5.65 a share and revenue to fall 4% to 6% year-over-year. To offset current headwinds, the company will restructure its business to cut $150 million in costs and focus on growth potential in certain business lines.

Read more at Yahoo Finance: Booz Allen Cuts Outlook as Government Funding Stalls