Why Booz Allen Hamilton Stock Is Surging Today
Defense IT company Booz Allen Hamilton (NYSE: BAH) delivered quarterly earnings that substantially beat expectations and forecast a better-than-expected 2024. Investors are rallying into the shares, sending Booz Allen stock up 13% as of 11 a.m. ET Friday.
Booz Allen Hamilton is one of the so-called "Beltway Bandit" defense contractors, companies that are focused on providing technology services, and not armaments, to the Pentagon and other government agencies.
The company ended 2023 on a high note, reporting fiscal third-quarter adjusted earnings of $1.41 per share on revenue of $2.57 billion. Earnings and revenue were up 32% and 12.8% year over year, respectively, and the per-share number easily surpassed the $1.14 Wall Street had expected.
Source Fool.com
