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Booz Allen’s Fiscal 2023 Q1 Revenue Up 13%; Horacio Rozanski Says Company on Track to Meet Full-Year Expectations

Booz Allen Hamilton (NYSE: BAH) recorded a 13.1 percent jump in sales for the first quarter of its 2023 fiscal year to $2.25 billion and attributed the revenue increase primarily to a 28 percent growth in its civil business.

The McLean, Virginia-based technology and management consulting services contractor said Friday net income attributable to common stockholders rose to $138.3 million for the quarter from $92.1 million in the same period a year ago while diluted earnings inched up to $1.03 per share from 67 cents per share a year earlier.

Total backlog hit $28.6 million at the end of June with a quarterly book-to-bill ratio of 0.72x. Operating income went up 46.7 percent to $207.2 million, while EBITDA climbed 46.4 percent to $247.5 million.

The firm stated a 5 percent sales growth in its defense segment compared with the prior-year period.

Horacio Rozanski, president and CEO of Booz Allen, told investors during Friday’s earnings call that results for the past quarter reflects the company’s momentum and flexibility to achieve full-year financial expectations.

“We are on track, both toward this year’s guidance and toward our multi-year goal of growing adjusted EBITDA from $1.2 billion to $1.3 billion by the fiscal year 2025,” said Rozanski, a two-time Wash100 Award winner.

The company reaffirmed its guidance for the 2023 fiscal year and expects revenue growth of between 5 percent to 9 percent. Its board also declared a quarterly dividend of 43 cents per share, payable on Aug. 31 to shareholders on record as of Aug. 15. 

Booz Allen’s shares opened at $95.33 on Friday, slightly down from its previous close of $95.64. 

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