UPDATE 3-CA profit beats Street view, outlook misses

* Q4 EPS excluding items 31 cents vs Street view 29 cents

* Mid-point of full-year profit outlook below Street view

* Full-year revenue forecast below Street view

* Shares rise 1.3 percent in extended trade (Adds shares)

By Jim Finkle

BOSTON, May 13 (Reuters) - Business software maker CA Inc (CA.O) reported a smaller-than-expected drop in quarterly profit as it continued a cost-cutting campaign it began four years ago, boosting its shares 1.6 percent in extended trade.

But it issued a profit outlook for the current fiscal year that was at the low end of analysts' forecasts and a revenue projection that missed the Street view as Chief Executive John Swainson said currency fluctuations were taking a bite out of revenue.

CA projected full-year profit per share, excluding items, of $1.51 to $1.61, with the mid-point of that range below the $1.59 average analyst forecast according to Reuters Estimates.

The company also forecast a 1 percent to 3 percent drop in full-year revenue to between $4.16 billion and $4.24 billion. That is below analysts' average forecast of $4.29 billion.