Maximus Shares Drop 13% Despite Higher Q1 Earnings

(RTTNews) - Maximus, Inc. (MMS) shares tumbled 12.96 percent, down $12.14, to $81.55 on Thursday, as investors reacted to the company's first-quarter results, which showed higher earnings but a decline in revenue.

The stock was trading at $77.75, compared with a previous close of $93.69 on the New York Stock Exchange. Shares opened at $91.05 and moved between an intraday low of $77.67 and a high of $98.77. Trading volume stood at about 0.39 million shares, below the average daily volume of roughly 0.61 million shares.

Maximus reported net income of $93.94 million, or $1.70 per share, up from $41.19 million, or $0.69 per share, a year earlier. Revenue for the quarter declined 4.1 percent to $1.345 billion from $1.402 billion last year. The stock is trading within its 52-week range of $63.77 to $100.00.