Exponent Reports Fourth Quarter and Fiscal Year 2022 Financial Results

About this update from Exponent, Inc.

[{"type":"text","content":"MENLO PARK, Calif., Feb. 02, 2023 (GLOBE NEWSWIRE) -- Exponent, Inc. (Nasdaq: EXPO) today reported financial results for the fourth quarter and fiscal year 2022 ended December 30, 2022. “Exponent concluded 2022 with solid results, reflecting broad-based strength across our diversified portfolio of services. In a year marked with evolving macroeconomic challenges and uncertainty, we grew revenues before reimbursements 7% over the prior year and expanded earnings per diluted share, highlighting the strength and resiliency of our business model,” commented Dr. Catherine Corrigan, President and Chief Executive Officer. “Our multidisciplinary team of top-tier scientists and engineers continues to provide critical data, analyses and insights for our clients as society raises expectations for safety, health and the environment.” “Demand for our proactive services remained strong across the consumer products, electronics, automotive and life sciences sectors. Our reactive engagements were driven by robust litigation-related activity and a diversified portfolio of product safety- and recall-related work spanning multiple industries. We are energized by the opportunities ahead of us in 2023 as we continue to expand our client relationships and enhance our reputation and capabilities across the firm. As innovation and technology become increasingly complex, the critical nature of our insights uniquely positions Exponent to address our clients’ needs throughout the product lifecycle. Exponent has the ability to not only find solutions for today, but to guide clients through the longer-term transformation of their industries for tomorrow,” continued Dr. Corrigan. Fourth Quarter Financial Results Total revenues and revenues before reimbursements for the fourth quarter of 2022 increased 12.2% to $127.4 million and 7.9% to $112.6 million as compared to $113.5 million and $104.3 million in the fourth quarter of 2021, respectively. Excluding the impact of foreign exchange, revenues before reimbursements for the Company increased 8.6% in the fourth quarter of 2022 as compared to the prior year period. Net income increased to $22.5 million, or $0.44 per diluted share, in the fourth quarter of 2022, as compared to $20.4 million, or $0.38 per diluted share, in the same period of 2021. EBITDA1 increased to $31.1 million, or 27.6% of revenues before re...

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