Engineering and scientific consulting firm Exponent Inc ( EXPO ) shares are skyrocketing after the company reported better-than-expected first-quarter FY24 earnings.

Exponent reported first-quarter FY24 sales growth of 3.3% year-on-year to $144.93 million, beating the analyst consensus estimate of $125.98 million.

Exponent’s engineering and other scientific segment represented 84% of the company’s revenues before reimbursements in the first quarter of 2024.

Operating income for the quarter increased 5.5% to $30.7 million, with an operating margin of 21.2%.

EPS of $0.59 beat the analyst consensus estimate of $0.47.

Exponent held $168.7 million in cash and equivalents as of March 29, 2024. The Board of Directors has declared a quarterly cash dividend of $0.28 per share of common stock to be paid on June 21 to all common stockholders of record as of June 7.

“The increasing global attention on safety, health, and environmental concerns coupled with the complexity and pace of innovation continues to drive greater demand for our expertise,” said President and CEO Catherine Corrigan.

Outlook: For FY24, Exponent increased its revenue and margin guidance, with revenues before reimbursements to grow in the low-single digits (prior view: flat to down in the low-single digits) and EBITDA of 26.25% to 27.0% (prior view: 25.75% to 26.5%) of revenues before reimbursements.

For the second quarter, the company sees revenues before reimbursements to be flat to up in the low-single digits and an EBITDA of 27.25% to 28.25% of revenues before reimbursements.

Price Action: EXPO shares are trading higher by 21.6% at $96.93 at the last check Friday.