MAXIMUS Q3 Profit Climbs; Backs FY13, FY14 Targets - Quick Facts

(RTTNews) - MAXIMUS Inc. (MMS), a provider of government services worldwide, posted higher third-quarter net income of $28.1 million, or $0.40 a share, compared with the prior-year quarter's $20.49 million, or $0.29 a share. Quarterly income from continuing operations, net of taxes, was $28.0 million, or $0.40 per share, and included about $0.01 of net legal, settlement and acquisition-related expenses.

Excluding these costs, third-quarter adjusted earnings per share from continuing operations rose 32% to $0.41 compared to $0.31 reported a year back. The year-over-year increase to earnings is attributable to accretive revenue growth, the company said. On average, 6 analysts polled by Thomson Reuters expected earnings per share of $0.41 for the quarter. Analysts' estimates typically exclude one-time items.

Revenue in the third quarter totaled $334.32 million, up 26% from last year's $266.35 million, driven by organic growth. Analysts estimated revenues of $325.19 million for the quarter.

MAXIMUS is reiterating its fiscal 2013 revenue, earnings and cash flow guidance, still expecting revenue between $1.26 billion and $1.31 billion, and earnings per share from continuing operations to range between $1.50 and $1.58. Analysts project earnings of $1.57 per share and $1.31 billion in revenue for fiscal 2013.

In addition, the company backed its preliminary fiscal 2014 revenue and earnings guidance, continuing to expect revenue to range between $1.555 billion and $1.65 billion and earnings per share between $1.75 and $1.85. This guidance does not contemplate any future mergers and acquisition activity or any significant legal expenses or recoveries.