Korn Ferry Q2 Profit Tops Estimates

(RTTNews) - Korn Ferry (KFY) posted a second quarter net loss attributable to Korn Ferry of $1.7 million compared to net income of $73.5 million, last year. Loss per share was $0.04 compared to profit of $1.38. The company noted that its per share result included a $52.8 million, or $1.01 per share, net of tax charge, primarily relating to restructuring actions. Adjusted earnings per share declined to $0.97 from $1.43, a year ago. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.95, for the quarter. Analysts' estimates typically exclude special items. Second quarter total revenue was $712.4 million compared to $735.7 million, last year. Fee revenue was $704.0 million compared to $727.8 million. Analysts on average had estimated $687.22 million in revenue.

For the third quarter, on a consolidated basis, the company expects: earnings per share to range between to $0.87 to $0.95; and fee revenue to be in the range of $645 million and $665 million. Consolidated adjusted earnings per share is projected in a range of $0.96 to $1.02.

On December 5, 2023, the company increased quarterly cash dividend by 83% to $0.33 per share, which is payable on January 12, 2024 to stockholders of record on December 21, 2023.

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