Korn Ferry Guides Q4 Well Above Estimates As Q3 Results Top Estimates

While reporting financial results for the third quarter on Wednesday, consulting firm Korn Ferry (KFY) provided earnings and fee revenue guidance for the fourth quarter, well above analysts' estimates.

For the fourth quarter, the company projects earnings in a range of $1.44 to $1.60 per share and adjusted earnings in a range of $1.49 to $1.63 per share on fee revenue between $670 million and $690 million.

On average, five analysts polled by Thomson Reuters expect the company to report earnings of $1.37 per share on revenues of $656.92 million for the quarter. Analysts' estimates typically exclude special items.

On Tuesday, the company declared a quarterly dividend of $0.12 per share, payable on April 14, 2022, to stockholders of record on March 28, 2022.

For the third quarter, the company reported net income attributable to the company of $84.1 million or $1.54 per share, higher than $51.3 million or $0.94 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $1.59 per share, compared to $1.59 per share in the year-ago quarter.

Total revenue for the quarter surged to $685.0 million from $477.9 million in the same quarter last year. Quarterly fee revenue surged 43 percent to $680.7 million from last year.

The Street was looking for earnings of $1.48 per share on revenues of $651.06 million for the quarter.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Tesla CEO Elon Musk announced that the luxury electric vehicle maker has started the production of Tesla Semi electric trucks, and the first delivery will be to food and beverages giant Pepsico Inc. starting December 1. In a tweet, Musk said, "Excited to announce start of production of Tesla Semi Truck with deliveries to @Pepsi on Dec 1st!" Ford Motor is increasing the entry-level price of its electric F-150 Lightning pickup citing rising costs and supply chain issues amid increasing demand. This is the second price hike after a recent increase in August. The starting price of the 2023 model year pickup will be raised by $5,000 by October 24, reports said citing an email statement. Constellation Brands, Inc. (STZ) said it delivered another quarter of strong business performance. Beer Business achieved double-digit net sales growth for the quarter, while Wine and Spirits net sales rose 1%. The solid top-line performance of its Beer and Wine and Spirits Businesses in the first half...
Follow RTT