Exponent, Inc. has recently released its 10-Q report, detailing its performance for the first quarter of 2024. The company operates as a science and engineering consulting firm, offering services in areas such as biomechanics, civil engineering, environmental sciences, and health sciences. Exponent serves clients in various sectors, including technology, transportation, and manufacturing.
In the first quarter of 2024, Exponent reported a 3% increase in revenues, reaching $144,933,000 compared to $140,309,000 in the same period last year. Net income also saw a 3% increase, reaching $30,142,000. Diluted earnings per share rose to $0.59 compared to $0.56 in the first quarter of 2023.
The company's billable hours increased by 2% to 392,000, with a utilization rate of 75%. The Engineering and Other Scientific segment's revenues increased by 3.8% to $121,471, driven by a rise in billable hours and billing rates. The Environmental and Health segment also saw a 0.9% increase in revenues, reaching $23,462.
Compensation and related expenses increased by 7.3% to $90,327, primarily due to changes in the value of assets associated with the deferred compensation plan, an increase in payroll expense, fringe benefits, and bonus expense. Other operating expenses rose by 10.1% to $10,531, mainly due to increased occupancy expense and depreciation and amortization expense.
Reimbursable expenses decreased by 33.4% to $7,726, primarily due to a decrease in proactive projects for the consumer electronics sector. General and administrative expenses decreased by 3.5% to $5,636, mainly due to a decrease in recruiting expenses.
Exponent's total operating income increased by 5.5% to $30,713, with the Engineering and Other Scientific segment's operating income rising by 11.5% and the Environmental and Health segment's operating income increasing by 9.0%.
Following these announcements, the company's shares moved 2.1%, and are now trading at a price of $94.33. If you want to know more, read the company's complete 10-Q report here.
