LOS ANGELES - Korn Ferry (NYSE: NYSE:KFY), the global organizational consulting firm, reported an adjusted EPS of $1.07 for the third quarter, surpassing analyst expectations by $0.08. The company also posted revenue of $668.7 million against the anticipated $657.95 million.
Gary D. Burnison, CEO of Korn Ferry, commented on the results, "I am pleased with our third quarter results, as we generated $669 million in fee revenue, down 2% YoY, with our non-search offerings providing a substantial buffer against the more cyclically sensitive recruiting offerings. Earnings and profitability increased YoY and sequentially as we delivered $102 million of Adjusted EBITDA, at a 15.2% margin."
Despite the dip in revenue, Korn Ferry's consulting and digital sectors showed resilience, with consulting fee revenue growing 3% YoY and digital fee revenue increasing by 6% YoY. The firm also declared a quarterly dividend of $0.33 per share, payable on April 15, 2024, to stockholders of record on March 27, 2024.
Looking ahead, Korn Ferry provided guidance for the fourth quarter of fiscal year 2024, expecting EPS to range between $1.06 and $1.14. Revenue forecasts for the same period are projected to be between $675 million and $695 million. This guidance indicates a midpoint for adjusted diluted EPS at $1.13, which is above the analyst consensus of $1.07, and a revenue midpoint of $685 million, slightly below the consensus estimate of $690.9 million.
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