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Maximus Federal Segment Revenue Up 11% for Q3 FY 2023; Bruce Caswell Quoted

Maximus‘ (NYSE: MMS) U.S. federal business posted $584 million in revenue for the third quarter of its 2023 fiscal year, up 11 percent from the prior-year period and the company attributed the increase to its work with the Department of Veterans Affairs.

The Tysons, Virginia-headquartered government services provider said Wednesday that total revenue for the period rose 5.6 percent to $1.19 billion and higher volumes on key U.S. segment programs drove organic growth of 6.7 percent.

Maximus reported a 26 cent-a-share impact from a file transfer security incident on quarterly earnings.

The company’s full year guidance includes revenue expectations in the $4.87 billion-to-$4.97 billion range while adjusted diluted earnings are projected at $3.74 per share to $3.94 per share.

“Those targets have been updated to reflect the accrual arising from the cybersecurity incident,” said Bruce Caswell, president and CEO of Maximus and a four-time Wash100 awardee.

“Nevertheless, the fundamentals of the business remain as strong as ever, both in the near term and well into future periods.”

The federal services segment at Maximus performs medical disability claims process, medical evaluations and student loan servicing for the VA.

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