CRA International, Inc. CRAI reported impressive second-quarter 2024 results, beating the Zacks Consensus Estimate on both counts. The stock has gained 2% since the earnings release in response to the better-than-expected results and strong guidance.
CRAI raised its 2024 constant currency revenue guidance range to $670 million to $685 million from $645 million to $675 million expected earlier. The revised guidance range's midpoint ($677.5 million) is higher than the current Zacks Consensus Estimate of $672.4 million. Non-GAAP EBITDA margin is currently expected in the range of 12.2% to 13% compared with the prior expectation of 10.8-11.5%.
Quarterly adjusted EPS came in at $1.83, which surpassed the Zacks Consensus Estimate by 22.8% and increased 28.9% year over year. Revenues of $171.4 million beat the consensus mark by 2.1% and increased 5.9% from the year-ago quarter.
Charles River Associates Price, Consensus and EPS Surprise 
Charles River Associates price-consensus-eps-surprise-chart | Charles River Associates Quote
Other Quarterly Details
The company delivered 74% utilization while headcount was down marginally year over year. Non-GAAP EBITDA increased 18.5% year over year to $22.4 million, topping our estimate of $18.3 million. Non-GAAP EBITDA margin increased 140 basis points year over year to 13%, beating our estimated margin of 11%.
The company exited the quarter with a cash and cash equivalents balance of $24.6 million compared with $37.1 million witnessed at the end of the prior quarter. It generated $1.8 million of cash from operating activities, and capex was $2.3 million. In the quarter, Charles River paid out $2.9 million in dividends.
Currently, Charles River sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Recent Earnings Snapshots
Omnicom OMC reported impressive second-quarter 2024 results, wherein both earnings and revenues beat the Zacks Consensus Estimate.
OMC’s earnings of $1.95 per share beat the consensus estimate by 3.7% and increased 7.7% year over year. Total revenues of $3.9 billion surpassed the consensus estimate by 1.1% and increased 6.8% year over year.
Equifax EFX reported better-than-expected second-quarter 2024 results.
EFX’s adjusted earnings were $1.82 per share, beating the consensus estimate by 5.8% and increasing 6.4% from the year-ago quarter. Total revenues of $1.4 billion missed the consensus estimate by a slight margin but increased 8.6% from the year-ago quarter.
ManpowerGroup MAN reported mixed second-quarter 2024 results, with earnings beating the Zacks Consensus Estimate but revenues missing the same.
Quarterly adjusted earnings of $1.3 per share surpassed the consensus mark by 2.4% but declined 17.7% year over year. Revenues of $4.5 billion lagged the consensus mark by a slight margin and dipped 6.9% year over year.
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