FTI Consulting, Inc
) reported adjusted net income of $29.2 million or 72 cents per
share in the third quarter of 2013, up from $24.5 million or 60
cents a share in the prior-year quarter. The adjusted earnings
comfortably beat the Zacks Consensus Estimate of 48 cents.
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The company reported GAAP net loss of $50.6 million or loss of
$1.29 per share in third quarter 2013 versus net income of $22.7
million or 55 cents per share in the year-ago quarter. The
decrease in GAAP earnings was driven by non-cash goodwill charges
related to strategic communications segment and other non
Total revenue in the reported quarter increased 7.4% year over
year to $414.6 million. The revenues beat the Zacks Consensus
Estimate of $402 million. Adjusted EBITDA stood at $72.5 million
compared with $62.3 million in the prior-year quarter.
segment reported revenues of $94.0 million in third quarter 2013
versus $93.1 million in the year-ago quarter. The marginal
increase in revenues was buoyed by acquisitions, partially offset
by decline in bankruptcy and restructuring revenues in the North
revenues improved 17.3% year on year to $113.1 million in the
reported quarter. The upside was aided by strong demand for the
segment's antitrust litigation services in North America and
Europe, Middle East and Africa (EMEA), and international
arbitration, regulatory and valuation practices in EMEA.
Forensic and Litigation Consulting
segment revenues increased 12.5% year over year to $113.1
million, primarily driven by a success fee in the North America
investigations practice and increased demand in the health
segment revenues were up 1.8% to $51.2 million. The increase in
revenues was driven by higher services revenues primarily for
segment revenues decreased 5.4% year over year to $43.3 million
in the quarter, driven by reduced pass-through revenues for
certain EMEA and North America retained engagements and weak
mergers and acquisitions activity in the Asia Pacific region.
At quarter-end, FTI Consulting had cash and cash equivalents of
$147.9 million with long-term debt of $711.0 million. Net cash
provided by operating activities in the quarter was $84.4 million
compared with $70.9 million in the prior-year quarter. During the
quarter, the company used approximately $20.0 million to
repurchase and retire 595,225 shares of the company.
Based on current market conditions, the company reiterated
earlier guidance of revenue and adjusted EPS in the range of
$1.62 billion to $1.65 billion and $2.10 to $2.20 respectively.
FTI Consulting has a Zacks Rank #3 (Hold). Other stocks that look
promising and are worth considering now in the industry include
), carrying a Zacks Rank #1 (Strong Buy), and
Corporate Executive Board Co
), both carrying a Zacks Rank #2 (Buy).