Business
Exponent Reports Second Quarter 2022 Financial Results
MENLO PARK, Calif., July 28, 2022 (GLOBE NEWSWIRE) -- Exponent, Inc. (Nasdaq: EXPO) today reported financial results for the second quarter of fiscal year
About this update from Exponent, Inc.
[{"type":"text","content":"MENLO PARK, Calif., July 28, 2022 (GLOBE NEWSWIRE) -- Exponent, Inc. (Nasdaq: EXPO) today reported financial results for the second quarter of fiscal year 2022 ended July 1, 2022. “Exponent delivered solid second quarter results, advancing our long-term strategy and reinforcing our strong financial position. Our business model continues to demonstrate our resiliency, as evidenced by the demand we are experiencing across the business for our multidisciplinary capabilities,” commented Dr. Catherine Corrigan, President and Chief Executive Officer. “We remain committed to growing our world-class team, and the velocity of new starts has increased since the beginning of the year. This trend underscores our ability to attract the highest caliber engineering and scientific talent to bolster our diverse team.” “During the quarter, our client relationships diversified and deepened as growth continued across several industries, including the consumer products, chemicals, automotive and life sciences sectors. On the proactive side, our asset integrity and risk assessments with utilities and energy storage-related work continued to be strong, in addition to machine learning data studies. Among our reactive services, litigation-related work was robust and we saw increased demand for our services related to product safety and recalls,” continued Dr. Corrigan. “Moving into the back half of the year, Exponent will continue to leverage our core competencies as we strengthen client relationships, expand our reputation and continue to bring new talent to the firm.” Second Quarter Financial Results Total revenues and revenues before reimbursements for the second quarter of 2022 increased 8.7% to $130.3 million and 5.1% to $118.2 million as compared to $119.9 million and $112.5 million in the second quarter of 2021, respectively. Net income increased to $25.8 million, or $0.49 per diluted share, in the second quarter of 2022, as compared to $25.4 million, or $0.48 per diluted share, in the same period of 2021. The tax benefit for the classification of tax adjustments associated with share-based awards was immaterial in the second quarters of 2022 and 2021. Exponent’s consolidated tax rate was 27.3% in the second quarter of 2022, as compared to 26.7% for the same period in 2021. EBITDA1 increased to $37.1 million, or 31.4 % of net revenues, in the sec...