Navigant Consulting Inc
) has reported first-quarter 2012 adjusted earnings per share of 23
cents, surpassing the Zacks Consensus Estimate of 21 cents as well
as the year-earlier earnings of 19 cents. GAAP net income per share
came in at 22 cents compared with 17 cents in the year-ago
Navigant's total revenue jumped 9.4% year over year to $206.6
million. Revenues before reimbursements rose 9.9% year over year to
$186.4 million. Consultant utilization rate in the quarter was flat
Business Consulting Services registered solid year-over-year
growth of 19.8% to $95.4 million in the reported quarter, aided by
strong performances by the healthcare and energy practices as well
as Valuations and Restructuring teams. Dispute and Investigative
Services crept up 5.4% year over year to $75.9 million. This was
driven by strong demand in the field of credit crisis, increased
technology Services practice and international matters.
Moreover, International Consulting revenue increased 9.3% year
over year to $20.4 million, attributable to greater demand,
particularly in construction disputes matters. However, Economic
Consulting revenue slipped 19.0% to $15.0 million due to continued
On a sequential basis, all the segments performed well. Business
Consulting services grew 6.2%; Dispute and Investigative Services
increased 4.2%; Economic Consulting nudged up 2.4% and
International Consulting rose 3.4%.
At quarter-end, Navigant's cash and equivalents decreased to
$0.07 million from $3.0 million at the end of December 2011. The
company's total non-current debt balances stood at $262.7 million
versus $205.2 million as of year-end 2011.
During first quarter 2012, the company repurchased 232,000
shares at an average price of $13.07 per share.
For full-year 2012, the company expects total revenue in the
range of $800 million to $860 million and adjusted earnings per
share between 88 cents and 98 cents.
The company has consistently been outperforming the Zacks
Consensus Estimates in the trailing four quarters and we expect the
same trend to continue going forward given the opportunities
associated with its key markets.
Navigant, which competes with
FTI Consulting Inc
CRA International Inc.
), currently retains a Zacks #2 Rank that translates into a
short-term Buy rating. We are maintaining our long-term Neutral
recommendation on the stock.
CRA INTL INC (CRAI): Free Stock Analysis Report
FTI CONSULTING (FCN): Free Stock Analysis
NAVIGANT CONSLT (NCI): Free Stock Analysis
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