Booz Allen Hamilton (NYSE: BAH) reported revenue grew 8.7 percent for the fourth quarter of its 2023 fiscal year to $2.4 billion and annual sales rose 10.7 percent to $9.3 billion.
The company said Friday its backlog as of March 31 was $31.2 billion, a 6.7 percent increase from the 2022 figure, and attributed the activity to contract wins that involve equipping priority mission areas with technology.
Cost-reimbursable contracts accounted for 54 percent of the quarterly revenue, time-and-materials contracts contributed 25 percent, and fixed-price awards generated 21 percent.
Horacio Rozanski, CEO of Booz Allen and a previous Wash100 awardee, told analysts in a conference call that the company is aiming to “aggressively” capture or start work, particularly in intelligence accounts, before the end of the government’s current fiscal year.
He noted the other priorities are to update the firm’s operating model to help accelerate business growth, continue implementing its growth strategy called “Velocity, Leadership, Technology” and maximize value for shareholders through capital deployment.
“Our focus remains small to mid-sized acquisitions as a strategic accelerator to our VoLT objectives.”
Booz Allen reported that headcount jumped from more than 29,000 in 2022 to nearly 32,000 in 2023.
The company’s FY 2024 guidance projects revenue growth of 7 percent to 11 percent and adjusted earnings before interest, taxes, depreciation and amortization in the $1.075 billion-to-$1.105 billion range.