MAXIMUS Raises Lower End Of 2017 Earnings Guidance, Maintains Revenue Guidance

(RTTNews) - MAXIMUS (MMS) announced the company is raising the bottom end of fiscal 2017 earnings guidance and now expects GAAP earnings per share to range between $3.00 and $3.10 for fiscal 2017. This compares to the prior range of $2.90 to $3.10. "We are pleased to be raising the lower end of our earnings guidance for fiscal year 2017 as a result of good performance and some expected tax benefits," said MAXIMUS CEO Richard Montoni.

MAXIMUS reiterated its revenue guidance and continues to expect revenue to range between $2.425 billion and $2.475 billion for fiscal 2017. The company also reiterated cash flow guidance and continues to expect cash flows from operations to range between $230 million and $280 million and free cash flow to range between $170 million and $220 million for fiscal 2017.

For the second quarter of fiscal 2017, net income attributable to MAXIMUS totaled $52.5 million or $0.80 per share compared to earnings per share of $0.74 for the second quarter of fiscal 2016.

For the second quarter of fiscal 2017, revenue increased 3% to $622.0 million compared to $606.5 million reported for the same period last year driven by the Health Services Segment. On a constant currency basis, revenue would have increased 4% compared to the same period last year.