FTI Consulting, Inc. (NYSE: FCN) has reported its financial results for the second quarter of 2024, revealing a significant increase in revenues and earnings per share (EPS) compared to the prior year quarter.
The company's revenues for the second quarter of 2024 were $949.2 million, marking a 10% increase from the $864.6 million reported in the prior year quarter. Furthermore, the EPS for the same period was $2.34, reflecting a substantial 34% increase from the $1.75 reported in the prior year quarter.
The company attributed the increase in revenues primarily to higher demand in the corporate finance & restructuring, economic consulting, and technology segments. Additionally, the net income for the second quarter of 2024 was $83.9 million, compared to $62.4 million in the prior year quarter, primarily due to higher revenues, a lower effective tax rate, and a foreign currency remeasurement gain.
Moreover, the company's adjusted EBITDA for the second quarter of 2024 was $115.9 million, representing 12.2% of revenues, compared to $100.2 million, or 11.6% of revenues, in the prior year quarter.
The company's cash position and capital allocation also saw significant changes, with net cash provided by operating activities totaling $135.2 million for the quarter ended June 30, 2024, compared to net cash used in operating activities of $11.0 million for the quarter ended June 30, 2023. Cash and cash equivalents stood at $226.4 million at June 30, 2024, compared to $203.5 million at June 30, 2023.
In terms of segment results, the corporate finance & restructuring segment saw revenues increase by 9.5% to $348.0 million, the economic consulting segment witnessed a 14.4% increase in revenues to $230.9 million, and the technology segment experienced an 18.9% increase in revenues to $115.9 million, all compared to the prior year quarter.
In light of the record first half of 2024, the company has raised its full-year 2024 guidance ranges for revenues and EPS. The company now estimates that revenues for full-year 2024 will range between $3.700 billion and $3.790 billion, compared to the prior range of between $3.650 billion and $3.790 billion. The company also expects EPS for full-year 2024 to range between $8.10 and $8.60, compared to the prior range of between $7.75 and $8.50.
FTI Consulting, Inc. is a global business advisory firm with more than 8,000 employees located in 33 countries and territories, dedicated to helping organizations manage change, mitigate risk, and resolve disputes. As a result of these announcements, the company's shares have moved -0.1% on the market, and are now trading at a price of $225.42. Check out the company's full 8-K submission here.
