BearingPoint updates full-year loss guidance

BearingPoint Inc. said Monday its full-year loss may be narrower than a projection the management and technology consultant offered three months ago.

The McLean-based firm now expects a net loss of $30 million to $70 million, compared with the $70 million it had predicted in announcing its first-quarter earnings in May. The company's earlier guidance did not include a range.

Analysts surveyed by Thomson Financial expect BearingPoint to post a net loss of $33 million, on average.

BearingPoint also said it expects U.S. dollar revenue for the full year to be flat compared with a year ago, compared with its earlier guidance for overall flat revenue growth.

The company reiterated expectations for selling, general and administrative expenses of $580 million to $585 million, and lowered its expectations of its year-end cash and equivalents to a range of $425 million to $475 million, down from earlier guidance of about $500 million.

The company also cut its projection of full-year free cash flow to a range of negative $10 million to negative $60 million, compared with earlier expectations for positive free cash flow of about $30 million.

BearingPoint updated its financial guidance as it reported after markets closed Monday that it swung to a second-quarter profit, posting net income of $18.5 million, or 8 cents per share.