Booz Allen has been hiring, but sees slowdown in revenue growth

McLean, Virginia-based Booz Allen Hamilton, the largest government IT contractor in the D.C. region — whose IT professionals are assigned to hundreds of government projects — has plenty of work on the books and it continues to hire to keep up.

Booz Allen ended 2021 with a total backlog of contracting work of $27.8 billion, a 19.2% increase from 2020.

During 2021, the company increased its head count by almost 1,900, or a 6.8% year-over-year increase in employees. It has more than 29,000 employees.

Booz Allen reported slower than expected revenue growth in is most recent quarter, citing factors related to the COVID-19 pandemic and governmental budget uncertainty. The company also lowered its full fiscal year forecast for revenue. Even so, Booz Allen logged $2.03 billion in quarterly revenue, a 6.6% year-over-year increase. Net income fell 10.8%, to $128.8 million.

“We remain on track to deliver another year of growth. Our bottom-line results and margins were excellent, while we had slower revenue growth than expected this quarter,” said Booz Allen CEO Horacio Rozanski.

Booz Allen lowered its revenue growth guidance for fiscal 2022 to a rate of 5.7% to 7.2%, down from its previous guidance of 7% to 10%.

Booz Allen, which gets more than 95% of its revenue from government contracting, is among the 10 largest employers in the D.C. region, with almost 14,000 employees locally. It made one of the largest acquisitions in the D.C. region last year, acquiring Herndon-based Liberty IT Solutions for $725 million, gaining about 600 employees and its $2 billion backlog of IT modernization contracts.

Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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