Forecasts for Titan Trimmed

Earnings forecasts for Titan Corp. were reduced by at least five analysts Friday, one day after the defense contractor said it would report a second-quarter loss and declined to give an outlook for all of 2004.

A.G. Edwards & Sons Inc., Wachovia Securities, Credit Suisse First Boston, Raymond James & Associates Inc. and Stephens Inc. all cut their forecasts. Titan said Thursday that it would report a quarterly loss of as much as $78 million. Three analysts now expect a loss for the full year.

Titan Chief Executive Gene Ray said the San Diego-based company would provide a full-year forecast next month. Its last earnings forecast was in October. Titan had not given projections this year while pursuing its failed sale of the company to Lockheed Martin Corp. for $1.66 billion. Shares of Titan fell 16 cents Friday to $11.86 on the New York Stock Exchange.

For the year, estimates now range from a loss of as much as 48 cents a share, the expectation of Wachovia analyst Edward Caso, to earnings of as much as 81 cents a share, the estimate of A.G. Edwards’ Mark Jordan.

The sale to Lockheed collapsed when Titan missed a deadline to resolve a U.S. Justice Department probe into allegations that Titan consultants made unlawful payments to government officials of foreign countries in exchange for business.