UPDATE: Booz Allen Hamilton Posts Stronger-Than-Expected Q2 Earnings
Booz Allen Hamilton Holding (NYSE: BAH) reported better-than-expected earnings for the second quarter and narrowed its earnings forecast for the year.
Booz Allen now expects full-year earnings of $1.54 to $1.62 per share, versus earlier forecast of $1.50 to $1.60 per share. However, it reaffirmed its revenue forecast for the year.
The McLean, Virginia-based company posted a quarterly profit of $65.3 million, or $0.42 per share, down from $67.8 million, or $0.45 per share, in the year-ago period. Excluding special items, its earnings slipped to $0.44 per share from $0.47 per share.
Its revenue fell 5.3% to $1.3 billion. Total head count dropped 4.6% y/y to 22,105. However, analysts were estimating earnings of $0.41 per share on revenue of $1.31 billion.
Adjusted EBITDA fell to $137.8 million from $153.8 million.
Its operating costs and expenses dropped 5% to $1.18 billion.
Booz Allen declared a regular quarterly cash dividend of $0.11 per share.
As of Sept. 30, Booz Allen's total backlog shrank to $10.9 billion, versus $11.7 billion a year ago.
Ralph W. Shrader, Booz Allen's Chairman & Chief Executive Officer, said, “Our financial and operational performance in the first half of fiscal 2015 was solid in light of the continued challenges in the federal contracting market, with a modest revenue decline, earnings well on track with our annual forecast, and continued margin improvement.”
Booz Allen shares gained 1.67% to close at $26.18 yesterday.
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