MAXIMUS Inc. (MMS), a provider of government services worldwide, reported a rise in second-quarter net income to $31.69 million, or $0.91 a share, from $14.27 million, or $0.41 a share last year. Quarterly income from continuing operations, net of taxes, was $31.71 million, or $0.91 per share, and included pre-tax income of $10.9 million, or $0.19 per share, related to the prior disclosed contract termination.
In the recent quarter, adjusted earnings per share from continuing operations totaled $0.72. On average, 6 analysts polled by Thomson Reuters expected earnings per share of $0.70 for the quarter. Analysts' estimates typically exclude one-time items.
Revenue the second quarter grew 34% to $326.4 million, from $243.45 million reported a year back, driven by the PSI acquisition, growth on existing contracts and new work. Analysts estimated revenues of $310.13 million for the quarter. The second quarter of fiscal 2013 included $16.0 million of non-recurring revenue from an earlier disclosed contract termination; excluding this, revenue went up 27%.
In addition, MAXIMUS backed its fiscal 2013 guidance, still anticipating revenue to range between $1.25 billion and $1.30 billion and adjusted earnings per share from continuing operations between $3.00 and $3.15. Analysts project annual earnings per share of $3.12 and revenue of $1.29 billion.
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