Korn/Ferry Profit Tops Estimates, Revenue Misses

(RTTNews) - Executive search firm Korn/Ferry International (KFY) on Tuesday reported first-quarter net earnings of $23.1 million or $0.46 per share compared with $14.5 million or $0.29 per share last year.

Excluding items, adjusted earnings for the quarter were $0.47 per share compared with $0.43 per share a year ago. Analysts polled by Thomson Reuters estimated earnings of $0.46 per share. Analysts' estimates typically exclude special items.

Total revenues for the quarter were $279.3 million compared with $260.3 million in the prior year.

Fee revenue increased to $267.4 million from $251.2 million last year, but missed analysts' estimates of $269.7 million.

For the second quarter, the company expects earnings of $0.47 to $0.53 per share and fee revenue of $267 million to $277 million. Analysts expect earnings of $0.50 per share and revenue of $276.2 million.