Maximus has reported financial results for the fourth quarter and full year, which ended Sept. 30, 2020, the company announced on Thursday. for fiscal 2020, revenue increased to $3.46 billion compared to $2.89 billion reported for the same period last year.
“Fiscal year 2020 demonstrated our ability to quickly respond and rapidly scale operations in order to support the significant increase in demand from governments to address the extraordinary needs of citizens in the wake of the pandemic,” said Bruce Caswell, president and chief executive officer of Maximus and 2020 Wash100 Award recipient.
The fiscal year 2020 revenue increase was driven by the Census contract in the U.S. Federal Services Segment and new COVID-19 response work to assist governments in supporting individuals and families during the global pandemic.
“Our ongoing investments in technology and digital capabilities allowed us to enable thousands of employees into remote work environments in a span of weeks,” Caswell added.
Maximus reported organic growth of 15.7 percent in fiscal 2020, or 4.6 percent excluding the Census contract. The company’s operating margin was 8.3 percent and diluted earnings per share was $3.39 for fiscal 2020, which decreased from the prior year.
The company reported reduced volumes on core programs in the U.S. where pandemic-related program changes were instituted at the direction of our state and federal clients, a greater mix of cost-plus work in fiscal 2020 and unfavorable pandemic-related impacts in operations outside the U.S.
During the fiscal year 2020, Maximus also renamed the U.S. Health & Human Services Segment to the U.S. Services Segment.
“We will continue to support our clients’ evolving needs and we stand ready to provide additional support as governments strive to slow the global pandemic. As we look into fiscal 2021, we anticipate that we will begin to benefit from increasing caseloads in our employment services markets outside the United States,” Caswell concluded.
About Maximus
Since 1975, Maximus has operated under its founding mission of Helping Government Serve the People®, enabling citizens around the globe to successfully engage with their governments at all levels and across a variety of health and human services programs.
Maximus delivers innovative business process management and technology solutions that contribute to improved outcomes for citizens and higher levels of productivity, accuracy, accountability, and efficiency of government-sponsored programs. With more than 30,000 employees worldwide, Maximus is a proud partner to government agencies in the United States, Australia, Canada, Italy, Saudi Arabia, Singapore, South Korea, Sweden, and the United Kingdom.