Booz Allen Hamilton (NYSE: BAH) President and CEO Ralph W. Shrader cited a growing cyber and health business and his company’s ability to adapt to a tough budget climate as key drivers of the company’s significant revenue and earnings growth fourth quarter and fiscal year 2011.
Adjusted net income in the fourth quarter increased to $50.5 million from $20.1 million in the prior year period as adjusted diluted earnings per share jumped to $0.36 from $0.17. Fourth-quarter revenue was $1.49 billion, a 10.4 increase over the fourth quarter of 2010.
In fiscal 2011, Booz Allen’s adjusted net income increased to $84.7 million from $25.4 million in fiscal 2010 as adjusted diluted earnings per share increased to $1.24 from $0.83. Fiscal year 2011 revenue grew by 9.1 percent over the prior year to $5.59 billion.
“We grew revenue in all of our major markets – defense, intelligence and civil – for the full fiscal year and the fourth quarter, ” Shrader said. “Additionally, we saw profitability gains due in part to a larger percentage of higher-margin, fixed-price work. Our ability to grow even in a challenging and uncertain budget environment is testament to our unique management consulting heritage, collaborative culture, and continued ability to deliver value and enduring results to our clients.”
“Our fastest-growing current business areas are cyber and health, and we will have expanded access to commercial and international markets for all of our service offerings when the non-compete agreement with our spin off, Booz & Co., ends on July 31, 2011, ” Shrader added.
Looking forward, Shrader said the company will focus on core management consulting strengths and technology and analytics expertise to serve clients in industries such as financial services, healthcare and energy where there are strong intersections between the commercial and government sectors.