EXPO - Why Exponent Stock Is Falling Today
2024-02-02 11:39:08 ET
Earnings from consulting firm Exponent (NASDAQ: EXPO) came in below expectations, and the company continues to see challenges heading into 2024. Investors are moving to the sidelines, sending shares of Exponent down 15% as of 10:45 Eastern Friday.
Exponent is an engineering and tech consulting firm, offering expertise in about 90 technical disciplines to companies around the world. But with so many of those customers looking to trim costs due to concerns about the macro environment, the last three months proved more challenging for Exponent than analysts had hoped.
The company reported fourth-quarter earnings of $0.41 per share on revenue of $122.9 million, compared to Wall Street expectations for $0.44 per share in earnings on sales of $119 million. Revenue was up 7% year over year, led by gains in its engineering and science segment. The smaller environmental and health segment, which represents just 16% of revenue in the fourth quarter, saw sales drop by 3% due to client budget constraints.
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Why Exponent Stock Is Falling Today