Crispr Therapeutics shares tumble after significant earnings miss
LOS ANGELES - Korn Ferry (NYSE:KFY) reported better-than-expected third quarter results on Tuesday, sending shares up 1.25% in premarket trading.
The global organizational consulting firm posted adjusted earnings per share of $1.19, beating analyst estimates of $1.13. Revenue came in at $676.5 million, topping expectations of $650.45 million.
Fee revenue was flat year-over-year at $668.7 million, but up 2% on a constant currency basis. The company saw growth in its Executive Search, RPO and Digital segments, offset by a decline in Consulting.
"I am pleased with our third quarter results, which clearly demonstrate the power of our business and the strength of our diversification," said CEO Gary D. Burnison.
For the fourth quarter, Korn Ferry expects adjusted EPS of $1.22-$1.30 on revenue of $680-700 million. This outlook is below analyst projections for EPS of $1.48, though the revenue guidance range encompasses the $682 million consensus estimate.
The company cited disciplined cost management and strong consultant productivity as key drivers of its improved profitability in Q3. Adjusted EBITDA margin expanded 190 basis points year-over-year to 17.1%.
Korn Ferry repurchased 237,000 shares during the quarter for $17.9 million as part of its ongoing capital return program.
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