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Korn/Ferry meets 3Q profit forecasts

LOS ANGELES (AP) _ Korn/Ferry International (KFY) on Monday reported fiscal third-quarter net income of $23.9 million, after reporting a loss in the same period a year earlier.

The Los Angeles-based company said it had profit of 42 cents per share. Earnings, adjusted for one-time gains and costs, came to 53 cents per share.

The results matched Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was also for earnings of 53 cents per share.

The staffing company posted revenue of $394.2 million in the period. Its adjusted revenue was $381.9 million, which missed Street forecasts. Four analysts surveyed by Zacks expected $382.3 million.

For the current quarter ending in April, Korn/Ferry expects its per-share earnings to range from 57 cents to 63 cents.

The company said it expects revenue in the range of $398 million to $412 million for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $408.1 million.

Korn/Ferry shares have climbed roughly 5 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $30.83, an increase of 9.5 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on KFY at https://www.zacks.com/ap/KFY


Keywords: Korn/Ferry, Earnings Report