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Why Is Management Consulting Services Company Booz Allen Hamilton Stock Jumping Today?

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Booz Allen Hamilton Holding Corp BAH reported third-quarter fiscal 2024 sales growth of 12.9% year-on-year to $2.57 billion, beating the consensus of $2.54 billion.

Adjusted EPS of $1.41, up from $1.07 in the same quarter of 2022, beat the analyst consensus of $1.14.

Operating costs and expenses rose 4.7% Y/Y to $2.32 billion. Operating margin was 9.6%, an increase of 706 bps YoY, and operating income for the quarter rose to $247.56 million from $58.64 million a year ago.

Adjusted EBITDA of $290.62 million rose 19.1% Y/Y, with a margin of 11.3%, up 60 bps.

The company held $601.81 million in cash and equivalents as of Dec. 31, 2023.

The company’s backlog increased 14.2% to $34.3 billion. Operating cash flow for nine months totaled $115.1 million, compared to $365.7 million, and the free cash flow was $64.5 million.

Dividend: BAH increased its regular quarterly dividend by $0.04 to $0.51 per share, payable on Mar. 1, 2024, to stockholders of record on Feb. 12, 2024.

“Our VoLT strategy is driving both excellent performance and increased resilience across the business. Strong demand and growing headcount are fueling continued momentum as we scale and evolve Booz Allen’s technology positions and invest in our people,” commented Horacio Rozanski, President and Chief Executive Officer.

Outlook: Booz Allen Hamilton raised its FY24 outlook. It sees sales growth of 14%-15% (prior 11%-14%). It expects an adjusted EPS of $5.25–$5.40 (prior $4.95-$5.10), the consensus of $5.05.

The company expects Adjusted EBITDA of $1.155 billion-$1.175 billion (prior $1.115 billion-$1.145 billion) and operating cash flow of $200 million-$275 million (prior $160 million-$260 million).

Price Action: BAH shares are trading higher by 13.1% at $145.76 on the last check Friday.

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