Exponent Reports Third Quarter of Fiscal Year 2021 Financial Results

About this update from Exponent, Inc.

[{"type":"text","content":"MENLO PARK, Calif., Oct. 28, 2021 (GLOBE NEWSWIRE) -- Exponent, Inc. (Nasdaq: EXPO) today reported financial results for the third quarter of fiscal year 2021 ended October 1, 2021. “Our differentiated capabilities, which marry high-quality data analytics with deep subject matter expertise, drove continued outperformance in the third quarter of 2021. For the quarter, net revenue grew 16%, while EBITDA1 margin expanded more than 350 basis points from the prior year period,” commented Dr. Catherine Corrigan, President and Chief Executive Officer. “Given the increasing demand for our unique offering, growing our world-class team remains a top priority. The velocity and caliber of new starts over the last few months continues to demonstrate our ability to attract the best and brightest, despite the competitive market for engineering and scientific talent. As a result, we are in an excellent position to drive profitable growth and scale across various end markets.” “During the third quarter, our reactive business further benefitted from the post-COVID acceleration of litigation throughput in our court systems, and at the same time, our proactive engagements, such as user and machine learning data studies, remained a key driver of growth. Our work continued to be robust and diverse, with climate vulnerability assessments with utilities, risk assessments in chemicals, ongoing energy storage-related work, and projects in the automotive and consumer products industries further demonstrating the strength of our long-term strategy,” continued Dr. Corrigan. Third Quarter Financial Results Total revenues and revenues before reimbursements for the third quarter of 2021 increased 18% to $116.4 million and 16% to $108.5 million as compared to $98.7 million and $93.5 million in the third quarter of 2020, respectively. Net income increased to $24.6 million, or $0.46 per diluted share, in the third quarter of 2021, as compared to $18.1 million, or $0.34 per diluted share, in the same period of 2020. The tax benefit for the classification of tax adjustments associated with share-based awards realized in the third quarter of 2021 was $1.1 million, as compared to $0 in the third quarter of 2020. Inclusive of the tax benefit, Exponent’s consolidated tax rate was 24.1% in the third quarter, as compared to 26.6% for the same period in 2020. EBITDA1 incr...

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