FTI Consulting, Inc. has reported its financial results for the third quarter of 2024, with revenues reaching $926.0 million, representing a 4% increase from the prior year quarter's $893.3 million. However, the earnings per diluted share (EPS) for the same period stood at $1.85, marking a 21% decrease from $2.34 in the prior year quarter.
The company's net income for the third quarter of 2024 was $66.5 million, a decline from $83.3 million in the prior year quarter. Despite the increase in revenues, the decrease in net income was attributed to higher compensation and selling, general, and administrative expenses, as well as a foreign currency remeasurement loss.
FTI Consulting's adjusted EBITDA for the third quarter of 2024 was $102.9 million, accounting for 11.1% of revenues, down from $118.7 million, or 13.3% of revenues, in the prior year quarter. The earnings per diluted share (EPS) of $1.85 also saw a decline from the $2.34 reported in the prior year quarter.
In terms of segment results, the economic consulting segment witnessed a significant increase in revenues, up by 14.5% to $222.0 million from $193.9 million in the prior year quarter. The technology segment also reported a notable increase in revenues, rising by 11.7% to $110.4 million from $98.9 million in the prior year quarter. However, the strategic communications segment experienced a decline in revenues, down by 4.1% to $83.3 million from $86.8 million in the prior year quarter.
Cash and cash equivalents stood at $386.3 million at September 30, 2024, compared to $201.1 million at September 30, 2023, and $226.4 million at June 30, 2024. The total debt, net of cash and short-term investments, for the same period was ($386.3) million, indicating a decrease from $59.4 million at September 30, 2023, and ($166.4) million at June 30, 2024.
Looking ahead, the company updated its revenue and EPS guidance ranges for full-year 2024. FTI Consulting now estimates that revenues for the full year will range between $3.700 billion and $3.750 billion, compared to the prior range of between $3.700 billion and $3.790 billion. The company also adjusted its EPS guidance range for full year 2024 to $7.90 to $8.35, down from the prior range of $8.10 to $8.60.
FTI Consulting's third-quarter 2024 conference call to discuss the financial results is scheduled for October 24, 2024.
The market has reacted to these announcements by moving the company's shares -1.1% to a price of $199.09. If you want to know more, read the company's complete 8-K report here.
