Q2 2024 Exponent Inc Earnings Call Transcript
Key Points
- Net income growth of 14% and expanded EBITDA margin in the second quarter.
- Mid-single digit growth in the reactive business, driven by demand in transportation, utilities, and medical device sectors.
- Modest year-over-year growth in the utility sector within the proactive business.
- Encouraging signs of stabilization in the consumer electronics industry.
- Raised full-year revenue and margin expectations due to strong first-half performance.
- Revenue growth moderated due to ongoing headwinds in the consumer electronics and chemicals sectors.
- Revenues in the environmental and health segment decreased by 4% due to challenges in the chemical sector.
- Billable hours decreased by 2% year-over-year, primarily due to a decline in machine learning data studies for consumer electronics clients.
- Average technical full-time equivalent employees decreased by 9% year-over-year.
- Headwinds in the chemical sector and tough comparisons based on strong prior year growth in reactive services.
Good afternoon and welcome to the Exponent Second Quarter 2024 earnings conference call. (Operator Instructions). Please note this event is being recorded.
I would now like to turn the conference over to Joni Konstantelos, Telos Managing Director. Riveron Consulting. Please go ahead.
Thank you, and good afternoon, ladies and gentlemen. Thank you for joining us on Exponent second quarter 2024 financial results conference call. Please note that this call will be simultaneously webcast on the Investor Relations section of the company corporate website www.investors.exponent.com.
This conference call is the property of Exponent, and any taping or other reproduction is expressly prohibited without prior written consent. Joining me on the call today are Dr. Catherine Corrigan, President and Chief Executive Officer; and Rich Schlenker, Executive Vice President and Chief Financial Officer.
Before we start, I
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