Maximus Stock Price, News & Analysis

Maximus (NYSE: MMS) has been awarded an $87 million, five-year task order by the IRS to deliver comprehensive development and modernization services. This task order, part of the IRS's Enterprise Development, Operations Services (EDOS) contract, aims to enhance the financial management systems of the IRS. Maximus will support the IRS Internal Management Division, providing General Ledger support and aiding in compliance and enforcement programs. The task order builds on a longstanding partnership, including previous work on the IRS Master File system. Maximus will design, develop, and maintain various IT services, contributing to improved taxpayer services and accountability.

Maximus (NYSE:MMS), a global leader in government services, announced that its Board of Directors has authorized an expansion of the company's stock repurchase program, adding up to $200 million. This new authorization includes the remaining $6 million from the existing program. Maximus plans to buy back shares based on market conditions and corporate needs. The company has already repurchased 538,978 shares for approximately $44.5 million since March 31, 2024. CEO Bruce Caswell emphasized that this move aligns with the company's disciplined capital allocation strategy aimed at benefiting shareholders.

Maximus (NYSE: MMS) announced that the Maximus Foundation will issue over $2 million in grants to 209 nonprofit organizations nationwide. Each nonprofit will receive $10,000 to advance community development, youth programs, and healthcare services. The Foundation, established in 2000, has awarded over $15 million in total grants to date. Starting in 2025, the Foundation will shift from annual to multi-year, unrestricted grants, focusing initially on food insecurity and food equity. This strategic change aims to provide more stability and capacity for nonprofits.

Maximus highlighted its commitment to diversity, equity, and inclusion (DE&I) during Asian American, Native Hawaiian, and Pacific Islander (AANHPI) Heritage Month through its ERGs Unplugged podcast series. The second episode featured AANHPI ERG members Joanne Ruan, Dominic Augustine, and Sara-Grace Chan sharing their personal stories and insights with DE&I Manager Jesenia Gonzalez. The AANHPI ERG aims to cultivate a culture of belonging, nurture leadership potential, and support diversity within the organization.

For more information, visit Maximus' DE&I page on their website.

Maximus has been recognized as a 5 Star Employer in the 2024 VETS Indexes Employer Awards. This is the third consecutive year they have received this honor for their commitment to supporting veterans and the military-connected community. The recognition underscores Maximus' dedication to recruiting, hiring, retaining, and developing military veterans and their families, fostering an inclusive workplace that values their unique skills and experiences. George Altman, president of VETS Indexes, highlighted the competitive nature of the awards this year, with Maximus' veterans program standing out among hundreds of employers. For more on Maximus' commitment, refer to their 2023 Sustainability Report.

MaximusBright Beginnings supports under-resourced infants, toddlers, and families experiencing housing instability in Washington, D.C. through early childhood education, family services, and a nurturing environment. The organization addresses the increase in homelessness, linking it to health issues, and provides tailored services to break the cycle of poverty. With a two-generation approach, Bright Beginnings offers resources to parents and children, focusing on stability and future security. A grant from the Maximus Foundation has helped over 380 children and families, expanding services and delivering quality care. Bright Beginnings has a 30-year history of supporting families in need.

Maximus (NYSE: MMS) reported strong financial results for the second quarter of fiscal year 2024, with revenue up 11.7% to $1.35 billion. Diluted earnings per share were $1.31, and adjusted diluted earnings per share were $1.57. The company raised guidance for FY24, with revenue increasing by $75 million, adjusted operating income by more than $34 million, adjusted diluted earnings per share by $0.40, and free cash flow by $25 million. Net debt to EBITDA ratio improved to 1.7 times. A quarterly cash dividend of $0.30 per share was declared.

The 2023 Maximus Foundation Annual Report highlights a year of positive impact and community involvement, emphasizing their commitment to equitable change and inclusivity. The report showcases stories of employee and grantee contributions, outlining the Foundation's mission to improve lives and wellbeing. Looking forward, the Foundation plans to implement a new grantmaking approach in 2025 to further their impact.

Maximus celebrates Volunteer Week by recognizing the impact of volunteer service and honoring employee Ambassadors who contribute to community service. Foundation Board members volunteered with grantee partner Cornerstones, witnessing the organization's impact firsthand and contributing to positive change. Cornerstones relies on volunteer support to fulfill its mission, and Maximus Foundation encourages everyone to get involved and make a difference in their communities.