Exponent, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 29, 2017. For the quarter, the company reported revenues of $88,282,000 against $77,013,000 a year ago. Operating income was $17,795,000 against $14,949,000 a year ago. Income before income taxes was $20,721,000 against $16,791,000 a year ago. Net loss was $3,705,000 or $0.14 diluted per share against net income of $10,388,000 or $0.39 diluted per share a year ago. Net income excluding the impact of tax legislation was $12,802,000 or $0.47 diluted per share. EBITDA was $21,822,000 against $18,219,000 a year ago. EBITDAS was $25,249,000 against $20,893,000 a year ago. Operating cash flow was $40.9 million for the quarter. Capital expenditures were $1.4 million.

For the year, the company reported revenues of $347,799,000 against $315,076,000 a year ago. Operating income was $72,051,000 against $61,911,000 a year ago. Income before income taxes was $82,509,000 against $69,122,000 a year ago. Net income was $41,305,000 or $1.53 diluted per share against $47,480,000 or $1.75 diluted per share a year ago. Net income excluding the impact of tax legislation was $57,812,000 or $2.14 diluted per share. EBITDA was $87,500,000 against $74,570,000 a year ago. EBITDAS was $103,655,000 against $87,903,000 a year ago. Net cash generated from operating activities was $67.8 million. Capital expenditures were $4.7 million for the year.

The company provided earnings guidance for fiscal 2018. For the year, it reflects positive momentum in a number of industry sectors, as well as their expectations for the ongoing human factors assessment project to continue, but at a lower level than 2017. As a result, The company expects full year 2018 revenues before reimbursements to grow in the mid-single digits and EBITDA margin to decline by approximately 100 to 150 basis points, as compared to 2017. The new Tax Legislation lowers Exponent's consolidated income tax rate to approximately 22% to 23% for 2018, after including the estimated tax adjustments associated with share-based awards.  This tax rate range is ten percentage points lower than it would have been in 2018. operating expenses are expected to be in the range of $7.5 million to $8.2 million per quarter. The new tax legislation lowers Exponent's consolidated income tax rate to approximately 22% to 23% for the full year 2018, after including the estimated tax adjustment associated with share-based awards. This tax rate is 10 percentage points lower than it would have been in 2018, which will generate approximately 14% more operating cash net income and earnings per share. The tax rate for the remainder of the year to be approximately 26.5%.

The company expects its consolidated tax rate in the first quarter of 2018 to be approximately 11%.