Benzinga | Jul 30, 2021 09:46AM EDT

Booz Allen Hamilton Stock Falls As Q1 Revenue Misses Consensus; Reaffirms FY22 Outlook

* Booz Allen Hamilton Holding Corp (NYSE:BAH) reported first-quarter FY22 revenue growth of 1.74% year-on-year, to $1.99 billion, missing the analyst consensus of $2.01 billion.

* EPS of $1.07 beat the analyst consensus of $0.97.

* Operating costs and expenses rose 5% Y/Y to $1.85 billion.

* The operating margin was 7.1%, and operating income declined 26.4% to $141.3 million.

* The company held $621.9 million in cash and equivalents as of June 30, 2021.

* Adjusted EBITDA increased 11.8% Y/Y to $238.1 million.

* Total backlog increased 16.5% Y/Y to $26.8 billion.

* "Our first-quarter performance was in line with our expectations, and we made strong progress on near-term priorities, including an acceleration in hiring, completing the acquisition of Liberty IT Solutions, and continued investment in our people as we recover from the COVID-19 pandemic," said CEO Horacio Rozanski.

* The company's dividend of $0.37 per share will be payable on August 31, 2021, to shareholders of record on August 16, 2021.

* Outlook: Booz Allen Hamilton has reaffirmed its previously provided FY22 guidance for 7% - 10% revenue growth and adjusted EPS of $4.10 - $4.30, versus the consensus of $4.17.

* Price action: BAH is trading lower by 3.61% at $86.47 on the last check Thursday.