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.

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Source Fool.com