Business
Exponent Reports Second Quarter 2024 Financial Results
MENLO PARK, Calif., July 25, 2024 (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 25, 2024 (GLOBE NEWSWIRE) -- Exponent, Inc. (Nasdaq: EXPO) today reported financial results for the second quarter of fiscal year 2024 ended June 28, 2024. “We are pleased with the outcomes of efforts to align our operating model with market demand, evidenced by net income growth of 14% and expanded EBITDA1 margin on a year-over-year basis. As expected, revenue growth moderated during the quarter due to ongoing headwinds in the consumer electronics and chemicals sectors, and an unusually high hurdle for year-over-year comparisons resulting from approximately 20% growth in our prior-year reactive business. Despite these challenges, our reactive business grew in the mid-single digits fueled by demand across the transportation, utilities and medical device sectors,” stated Dr. Catherine Corrigan, President and Chief Executive Officer. “We are encouraged by the market opportunities in this era of accelerating transformation across industries, from groundbreaking technology and data applications in life sciences, to renewables and infrastructure resilience in the energy sector, and electrification and automation of transportation. Exponent remains well positioned to support our clients with vital insights for current challenges, while preparing the path for future innovations,” Dr. Corrigan continued. Second Quarter Financial Results Total revenues and revenues before reimbursements for the second quarter of 2024 were approximately flat at $140.5 million and increased 2% to $132.4 million, respectively, as compared to $140.2 million and $129.7 million in the second quarter of 2023. Net income increased to $29.2 million, or $0.57 per diluted share, in the second quarter of 2024, as compared to $25.7 million, or $0.50 per diluted share, in the same period of 2023. The tax benefit for the classification of tax adjustments associated with share-based awards was $0.7 million in the second quarter of 2024 and was immaterial in the second quarter of 2023. Exponent’s consolidated tax rate was 26.3% in the second quarter of 2024, as compared to 29.0% for the same period in 2023. EBITDA1 increased to $39.9 million, or 30.2% of revenues before reimbursements, in the second quarter of 2024, as compared to $36.8 million, or 28.4% of revenues before reimbursements in the second quarter of 2023. Year-to-Date Financial Resul...