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Maximus fiscal Q1 profit falls 35.5% YOY

MAXIMUS Inc. said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, came to 40 cents per share, compared with the S&P Capital IQ consensus estimate of 47 cents per share.

EPS decreased 34.9% year over year from 62 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $26.6 million, a decrease of 35.5% from $41.2 million in the prior-year period.

The normalized profit margin declined to 4.8% from 8.8% in the year-earlier period.

Total revenue rose 19.2% year over year to $556.7 million from $467.0 million, and total operating expenses rose 28.1% year over year to $513.9 million from $401.2 million.

Reported net income declined 37.1% from the prior-year period to $26.5 million, or 40 cents per share, from $42.1 million, or 63 cents per share.