Maximus, Inc. (MMS), a government services provider, on Thursday reported that net income increased despite lower revenue in the first quarter compared with the previous year.
For the first quarter of fiscal year 2026, net income increased to $93.94 million from $41.1 in the previous year.
Earnings per share were $1.70 versus $0.69 last year.
Adjusted net income increased to $102.28 million from $96.51 million in the prior year.
Adjusted earnings per share were $1.85 versus $1.61 last year.
On average, two analysts had expected the company to report $1.82 per share. Analysts' estimates typically exclude special items.
Adjusted EBITDA rose to $170.41 million from $156.62 millon in the previous year.
Adjusted EBITDA Margin decreased $170.41 million from $156.62 million in the previous year.
Operating income increased to $146.21 million from $86.79 million in the prior year.
Revenue decreased to $1.35 billion from $1.40 billion in the previous year.
On average, two analysts had expected the company to report revenue at $1.37 billion. Analysts' estimates typically exclude special items.
Looking ahead, the company raised its fiscal 2026 earnings guidance and narrowed its revenue outlook, while maintaining free cash flow guidance.
Revenue is now expected to range between $5.2 billion and $5.35 billion, including a $25 million impact from the divestiture of the U.S. Services Segment.
Full-year adjusted EBITDA margin guidance improved by 30 basis points to about 14%.
Adjusted diluted earnings per share guidance was raised by $0.10 to a range of $8.05 to $8.35 for fiscal 2026.
On Wednesday, Maximus closed trading 1.42% higher at $93.69 on the New York Stock Exchange.
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