Booz Allen Hamilton (NYSE: BAH) saw its revenue jump 18 percent to $2.65 billion during the first quarter of fiscal year 2024 and reported a net income of $161.4 million, up 16.9 percent from the prior-year period.
The McLean, Virginia-based information technology and management consulting firm said Friday it ended the quarter with a total backlog of $31.3 billion and a quarterly book-to-bill ratio of 1.03x.
Operating income climbed 13.1 percent to $234.4 million, while adjusted earnings before interest, taxes, depreciation and amortization rose 21.5 percent to $307 million.
Horacio Rozanski, president and CEO of Booz Allen, told analysts in an earnings call that the first quarter results show that the company is on track to reach its multiyear target of growing its adjusted EBITDA to $1.2 billion to $1.3 billion by FY 2025.
“While strategic acquisitions continue to be a priority, our pipeline of opportunities is more limited than we expected. On balance, this probably means that we will reach our multiyear targets through greater organic contribution while simultaneously retaining increased flexibility to deploy capital in response to market conditions,” he said.
Rozanski, a two-time Wash100 awardee, said the company has achieved progress across all aspects of its velocity, leadership and technology growth strategy and headcount growth is one of the key indicators of that progress.
Booz Allen reported that its total headcount increased 11.2 percent year-over-year to 32,574.
When asked about the role of artificial intelligence in the company’s operations, the chief executive cited Booz Allen’s use of AI technology in talent acquisition.
The company maintained its fiscal 2024 guidance, projecting revenue growth of 7 percent to 11 percent and adjusted EBITDA in the range of between $1.075 billion and $1.105 billion.
Shares at Booz Allen went up 6.12 percent Friday to close at $120.94.
Booz Allen is sponsoring an ExecutiveBiz forum, themed “Trusted AI and Autonomy” on Sept. 12. Click here to see all the confirmed speakers and register here to attend the in-person event in Falls Church, Virginia.
