Exponent, Inc. reported a revenue increase of 4.1% for the fiscal year ending January 3, 2025, reaching $558.5 million, compared to $536.8 million in the previous year. The company's net income rose by 8.6% to $109 million, or $2.11 per diluted share, up from $100.3 million, or $1.94 per diluted share, in 2023. This growth in profitability was attributed to improved resource alignment with demand and increased utilization rates, which rose to 73% from 69% in the prior year. The firm noted that demand for its services was particularly strong in the consumer electronics and utilities sectors.
In terms of operational performance, Exponent's Engineering and Other Scientific segment saw a revenue increase of 5.1% to $469.5 million, driven by higher billing rates and an uptick in billable hours. Conversely, the Environmental and Health segment experienced a slight decline in revenue, down 1% to $89 million, primarily due to a decrease in billable hours, particularly in the chemical and life sciences sectors. The total number of technical full-time equivalent employees decreased by 8% to 967, reflecting the company's efforts to manage its workforce in line with demand.
Strategically, Exponent has focused on enhancing its service offerings and expanding its client relationships. The firm has been actively involved in projects related to digital health and wearables, as well as augmented and virtual reality, which have contributed to its growth. The company also extended its land lease for its Test and Engineering Center in Phoenix, Arizona, which is expected to support its operational capabilities in the long term.
Looking ahead, Exponent remains committed to capitalizing on emerging growth areas and managing operating expenses effectively. The company plans to continue investing in its workforce and infrastructure to meet the evolving needs of its clients. Exponent's management expressed confidence in its ability to navigate market challenges and maintain its competitive position, emphasizing the importance of its multidisciplinary approach to addressing complex engineering and scientific challenges.
About EXPONENT INC
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