Booz Allen Hamilton Reports Better-Than-Expected Fiscal First Quarter

Booz Allen Hamilton (BAH), a technology and management consulting firm, reported better-than-expected results for its fiscal 2020 first quarter as revenue from its biggest client, the US government, advanced.

Total revenue rose to $1.83 billion from $1.65 billion in the same period of last year, ahead of the consensus on Capital IQ for $1.79 billion, amid strength in client demand and “slightly higher” billable expenses, the McLean, Va.-based company said on Monday. Excluding billable expenses, revenue rose 8.9% to $1.27 billion.

“During the first quarter of fiscal 2020, the company generated year over year revenue growth, delivered improved earnings over the prior year period, increased client staff headcount, and achieved record backlog for a first quarter,” Booz Allen said in a statement.

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The company earns most of its revenue from the US government, and the segment climbed to $1.77 billion in the three months ended June 30 from $1.59 billion a year earlier.

Defense clients in the US government saw revenue rise to $858.9 million from about $758 million a year before, while civil clients revenue increased to $492 million from $435.5 million previously. Government intelligence clients revenue advanced to $419.1 million from $397.5 million previously.

Revenue from global commercial clients slipped to $55.1 million from $55.9 million.

Adjusted net income rose to $0.83 per share from $0.72 a share previously, while the Street was expecting $0.72 a share.

Remaining performance obligations, which represents the price for exercised contracts where work hasn’t been performed, stood at $6.2 billion at the end of June, up from $5.8 billion at the end of March.