Korn Ferry Gains 7% on Earnings, Revenue Beat
By Sam Boughedda
Investing.com -- Korn Ferry (NYSE:KFY) announced third-quarter fiscal earnings Wednesday, reporting revenue of $684.96 million, above expectations of $650.42 million.
The consulting firm reported earnings per share of $1.59, beating analysts' forecasts of $1.48. Quarterly fee revenue increased 43% compared to the prior-year quarter to $680.7 million. In addition, the company earned $84.1 million in net profits.
"I am extremely pleased with our results during the fiscal third quarter, as Korn Ferry once again achieved new financial performance highs," said Gary Burnison, CEO of Korn Ferry.
"Our solid performance over recent quarters is a reflection of the relevance of our strategy and solutions, the resilience of our colleagues, and the connection with our Korn Ferry brand," Burnison added.
The business also declared a 12 cent per share quarterly dividend, which will be paid on April 14th to investors who hold the stock by March 28th.
Looking ahead, the company said the situation in Eastern Europe "presents a level of risk and uncertainty that is difficult to quantify."
They added that assuming no new major pandemic-related lockdowns or further changes in worldwide geopolitical conditions, economic conditions, financial markets, or foreign exchange rates, they expect Q4 fee revenue to be in the range of $670 million and $690 million. In addition, the company sees Q4 adjusted earnings per share between $1.49 and $1.63.
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