Business
Exponent Reports Third Quarter of Fiscal Year 2019 Financial Results
MENLO PARK, Calif., Oct. 17, 2019 (GLOBE NEWSWIRE) -- Exponent, Inc. (Nasdaq:EXPO) today reported financial results for the third quarter of fiscal year 2019
About this update from Exponent, Inc.
[{"type":"text","content":"MENLO PARK, Calif., Oct. 17, 2019 (GLOBE NEWSWIRE) -- Exponent, Inc. (Nasdaq:EXPO) today reported financial results for the third quarter of fiscal year 2019 ended September 27, 2019.\n “Exponent reported high-single digit net revenue growth during the third quarter, representing continued execution on positive market trends, while lapping the large human factors study that concluded during the third quarter of 2018” commented Dr. Catherine Corrigan, President and Chief Executive Officer. “We continue to leverage our reputation for reactive services in the United States to build our brand internationally and in proactive services. We experienced demand from a broader set of industries involving energy storage and battery technologies, continued our integrity management assessments related to the utilities industry, and saw our international arbitration work expand geographically. Our human factors and product studies continue to provide unique insights into the operability, usability and safety of human-machine systems across a diverse set of focus areas.” “Our interdisciplinary teams of experts are earning Exponent international recognition as a top engineering and scientific consulting firm. For large capital projects, we are uniquely positioned to provide experts from multiple engineering disciplines, as well as construction delay and damages. For clients who must meet health and safety regulations as they distribute products globally, our scientific and regulatory expertise in North America, Europe and Asia are invaluable. Exponent is capitalizing on long-term trends and we are confident in the future growth of the business,” continued Dr. Corrigan. Third Quarter Financial Results Total revenues in the third quarter of 2019 grew 7% to $101.5 million, as compared to $95.3 million in the same quarter of 2018. Revenues before reimbursements increased 8% to $95.5 million as compared to $88.7 million in the same period one year ago. Net income increased to $19.6 million, or $0.36 per diluted share, in the third quarter of 2019, as compared to $17.5 million, or $0.32 per diluted share, in the same period of 2018. The tax benefit for the classification of tax adjustments associated with share-based awards realized in the third quarter of 2019 was $1.7 million as compared to $0.1 million in the same period last year. EBITDA1 increas...