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Maximus Logs 2.5% Revenue Growth for Q2 2023, Reaffirms Full-Year Guidance; Bruce Caswell Quoted

Maximus (NYSE: MMS) reported $1.21 billion in revenue for the second quarter of its 2023 fiscal year, a 2.5 percent increase from the prior-year period.

The Tysons, Virginia-based company said Wednesday diluted earnings for the quarter came in at 52 cents per share, while adjusted earnings stood at 80 cents per share.

New and expanded programs under Maximus’ U.S. business segments drove a 3.9 percent organic growth in the January-March period.

Second quarter revenue in the company’s federal services segment was $584.1 million, up 1.9 percent from the same period a year ago, activity the company attributed to volume growth on the Veterans Affairs Medical Disability Exams contract.

In the domestic services segment, revenue rose 13 percent year-over-year to $449.7 million, mainly attributable to previously disclosed new work in core businesses.

Maximus maintained its outlook for the full year, forecasting revenue in the range of $4.85 billion to $5 billion and adjusted operating income of $415 million to $440 million.

Bruce Caswell, president and CEO of Maximus, shared an observation of key operating assumptions, particularly with regard to Medicaid redeterminations and volume growth.

“Our outlook has proven durable as we are reaffirming the fiscal year 2023 guidance and remain confident in our capability to execute in a superior manner in support of our customers’ essential programs,” the four-time Wash100 Award recipient said.

Maximus shares opened slightly higher on Thursday at $82.98, compared to a previous close of $82.75.

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