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

(RTTNews) - 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 $0.89 to $0.98 per share and adjusted earnings in a range of $0.97 to $1.05 per share on fee revenue between $690 million and $710 million.

On average, five analysts polled by Thomson Reuters expect the company to report earnings of $0.95 per share on revenues of $666.52 million for the quarter. Analysts' estimates typically exclude special items.

On Tuesday, the company declared a quarterly dividend of $0.15 per share, payable on April 14, 2023, to stockholders of record on March 28, 2023.

For the third quarter, the company reported net income attributable to the company of $11.2 million or $0.21 per share, sharply lower than $84.1 million or $1.54 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $1.01 per share, compared to $1.59 per share in the year-ago quarter.

Total revenue for the quarter edged up to $686.8 million from $685.0 million in the same quarter last year. Revenue increased 4 percent at constant currency.

The Street was looking for earnings of $0.91 per share on revenues of $669.99 million for the quarter.

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