Booz Allen Hamilton Holding Corporation (BAH) has reported an 1.12 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $66.25 million, or $0.44 a share in the quarter, compared with $65.52 million, or $0.43 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $67.26 million, or $0.45 a share compared with $61.29 million or $0.41 a share, a year ago. Revenue during the quarter grew 11.08 percent to $1,582.07 million from $1,424.32 million in the previous year period. Gross margin for the quarter expanded 198 basis points over the previous year period to 54.19 percent. Total expenses were 91.84 percent of quarterly revenues, down from 92.66 percent for the same period last year. This has led to an improvement of 83 basis points in operating margin to 8.16 percent.
Operating income for the quarter was $129.16 million, compared with $104.51 million in the previous year period.
However, the adjusted operating income for the quarter stood at $130.22 million compared to $105.56 million in the prior year period. At the same time, adjusted operating margin improved 82 basis points in the quarter to 8.23 percent from 7.41 percent in the last year period.
"The great fiscal year 2017 results we report today demonstrate success that has been built by the people of Booz Allen over the past several years," said Horacio Rozanski, President and Chief Executive Officer. "We are transforming our business to bring clients advanced, integrated solutions that address their most pressing needs. We are proud of our position as the government services industry’s organic revenue growth leader and our long record of success in delivering value to investors."
For financial year 2018, Booz Allen Hamilton Holding Corporation projects revenue to grow in the range of 4 percent to 7 percent. The company forecasts diluted earnings per share to be in the range of $1.76 to $1.86. It forecasts diluted earnings per share to be in the range of $1.79 to $1.89 on adjusted basis.
Operating cash flow improves significantly
Booz Allen Hamilton Holding Corporation has generated cash of $382.28 million from operating activities during the year, up 53.38 percent or $133.04 million, when compared with the last year. The company has spent $300.90 million cash to meet investing activities during the year as against cash outgo of $117.75 million in the last year.
The company has spent $51.49 million cash to carry out financing activities during the year as against cash outgo of $151.17 million in the last year period.
Cash and cash equivalents stood at $217.42 million as on Mar. 31, 2017, up 15.94 percent or $29.89 million from $187.53 million on Mar. 31, 2016.
Working capital declines
Booz Allen Hamilton Holding Corporation has witnessed a decline in the working capital over the last year. It stood at $193.08 million as at Mar. 31, 2017, down 22.72 percent or $56.78 million from $249.86 million on Mar. 31, 2016. Current ratio was at 1.18 as on Mar. 31, 2017, down from 1.27 on Mar. 31, 2016.
Days sales outstanding were almost stable at 28 days for the quarter, when compared with the last year period.
Debt moves up marginally
Booz Allen Hamilton Holding Corporation has witnessed an increase in total debt over the last one year. It stood at $1,663.32 million as on Mar. 31, 2017, up 4.14 percent or $66.06 million from $1,597.26 million on Mar. 31, 2016. Total debt was 49.31 percent of total assets as on Mar. 31, 2017, compared with 53.06 percent on Mar. 31, 2016. Debt to equity ratio was at 2.90 as on Mar. 31, 2017, down from 3.91 as on Mar. 31, 2016. Interest coverage ratio improved to 8.31 for the quarter from 5.85 for the same period last year.
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