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Booz Allen (BAH) Q4 Earnings and Revenues Surpass Estimates

Zacks Equity Research
·4-min read

Booz Allen Hamilton Holding Corp. BAH reported impressive fourth-quarter fiscal 2023 results, with both earnings and revenues beating the respective Zacks Consensus Estimate.

Quarterly adjusted earnings (excluding 1.53 cents from non-recurring items) per share of $1.01 beat the consensus estimate by 9.8% and increased 17.4% on a year-over-year basis.

Revenues, Backlog & Headcount Increase Y/Y

Total revenues of $2.4 billion beat the Zacks Consensus Estimate by 2.7% and increased 8.7% on a year-over-year basis. Revenues, excluding billable expenses, were $1.7 billion, up 7.1% on a year-over-year basis.

Booz Allen Hamilton Holding Corporation Price, Consensus and EPS Surprise

Booz Allen Hamilton Holding Corporation Price, Consensus and EPS Surprise
Booz Allen Hamilton Holding Corporation Price, Consensus and EPS Surprise

Booz Allen Hamilton Holding Corporation price-consensus-eps-surprise-chart | Booz Allen Hamilton Holding Corporation Quote

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Total backlog increased 6.7% from the prior-year quarter’s reported figure to $31.2 billion. Funded backlog of $4.6 billion increased 24.3% year over year. Unfunded backlog declined 4% to $9.5 billion.

Priced options were up 9.6% to $17.1 billion. The book-to-bill ratio was 1.47, down 11.4% year over year. The headcount of 31,925 increased 33.4% year over year.

EBITDA Margins Increase

Adjusted EBITDA amounted to $231 million, up 12.9% year over year. Adjusted EBITDA margin on revenues was 9.5%, up from the year-ago quarter’s figure of 9.2%. Adjusted EBITDA margin on revenues, excluding billable expenses, increased to 13.7% from 13% in the year-ago quarter.

Key Balance Sheet & Cash Flow Numbers

Booz Allen exited the quarter with cash and cash equivalents of $404.9 million, compared with $370.9 million at the end of the prior quarter. Long-term debt (net of current portion) was $2.77 billion, compared with $2.78 billion in the prior quarter.

The company generated $237.1 million of net cash from operating activities. Capital expenditures were $24.7 million and free cash flow was $212.4 million. The company paid out dividends worth $62.5 million and repurchased shares worth $125.7 million in the reported quarter.

Fiscal 2024 Outlook

Booz Allen currently projects revenue growth in the range of 7-11%. It expects adjusted earning per share (EPS) in the range of $4.8-$4.95. The current Zacks Consensus Estimate of $4.84 is below the midpoint ($4.875) of the EPS guidance.

Adjusted EBITDA is expected to be between $1.075 billion and $1.105 billion. Adjusted EBITDA margin on revenues is anticipated in the range of 10-11%. Net cash provided by operating activities is still expected in the range of $500-$600 million. The company expects the effective tax rate to be in the range of 23-25%.

Booz Allen currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

Earnings Snapshot

Equifax EFX reported better-than-expected first-quarter 2023 results. Adjusted earnings (excluding 52 cents from non-recurring items) came in at $1.43 per share, beating the Zacks Consensus Estimate by 4.4% but declining 35.6% from the year-ago figure. Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% on a reported basis from the year-ago figure. The top line was down 3% on a local currency basis.

OmnicomOMC reported better-than-expected first-quarter 2023 results. OMC’s earnings of $1.56 per share beat the Zacks Consensus Estimate by 13%. EPS increased 12.2% year over year. Total revenues of $3.4 billion surpassed the consensus estimate by 2.3%. The top line increased 1% year over year.

Clean Harbors, Inc. CLH reported solid first-quarter 2023 results, wherein both earnings and revenues surpassed the respective Zacks Consensus Estimate. Adjusted earnings per share (excluding 3 cents from non-recurring items) of $1.36 outpaced the consensus estimate by 18.3%. The same was up from the year-ago quarter’s figure by 63.9%. Total revenues of $1.31 billion beat the consensus mark by 5.4%. Earnings grew 11.8% year over year.

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Omnicom Group Inc. (OMC) : Free Stock Analysis Report

Equifax, Inc. (EFX) : Free Stock Analysis Report

Clean Harbors, Inc. (CLH) : Free Stock Analysis Report

Booz Allen Hamilton Holding Corporation (BAH) : Free Stock Analysis Report

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Zacks Investment Research