FTI Consulting Q4 Profit Climbs, Tops Estimates; Sees Higher FY24 Results; Stock Up In Pre-market

(RTTNews) - FTI Consulting, Inc. (FCN) reported Thursday that its fourth-quarter net income climbed to $81.6 million from last year's $47.5 million.

Earnings per share were $2.28, up from $1.33 in the prior year quarter. The prior year's adjusted earnings per share were $1.52.

Analysts on average expected the company to report earnings of $1.67 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Adjusted EBITDA was $127.4 million or 13.8 percent of revenues, compared to $92.0 million, or 11.9 percent of revenues, in the prior year quarter.

Revenues of $924.7 million increased 19.4 percent from $774.4 million in the prior year. On a constant currency basis, revenues increased 18 percent, due to higher demand across all business segments.

The Street was looking for revenues of $840.4 million for the quarter.

Looking ahead for fiscal 2024, the company projects earnings per share to range between $7.75 and $8.50 and revenues to range between $3.650 billion and $3.790 billion.

Analysts expect the company to report earnings of $8.2 per share on revenues of $3.7 billion for the year.

For the full year 2023, earnings per share were $7.71 and revenues were $3.49 billion.

In pre-market activity on the NYSE, FTI shares were gaining around 5.2 percent to trade at $200.

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