Korn Ferry Announces Third Quarter Fiscal 2014 Results Of Operations
Korn Ferry has announced third quarter results, reporting a record fee revenue of $242.2 million, and adjusted diluted earnings per share of $0.43.
“Korn Ferry had a strong third quarter, with year-over-year growth across all lines of business and within every region. We generated the strongest topline results in the company’s history, representing a 21% year-over-year increase in fee revenue, or 14% adjusting for the PDI Ninth House acquisition, on a constant currency basis, generating higher earnings per share,” said Gary D. Burnison, CEO, Korn Ferry. “In today’s environment, global organizations must create growth opportunities that far outstrip the potential of the global economy – ultimately through people. Validated by our results, Korn Ferry’s capabilities are being increasingly embraced by clients to unlock growth through innovative talent strategies.”
Key highlights for the third quarter of fiscal 2014 are as follows:
•Korn Ferry reports record quarterly fee revenue of $242.2 million in Q3 FY’14, an increase of 21% on a constant currency basis compared to Q3 FY’13 (20% at actual exchange rates). Adjusting for the PDI Ninth House acquisition, quarterly fee revenue increased 14% on a constant currency basis (12% at actual exchange rates) from Q3 FY’13.
•Fee revenue increased in all segments on a constant currency basis compared to Q3 FY’13.
Leadership and Talent Consulting . . . . . . . . . . 52% (15% organically)
Futurestep . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20%
Executive Recruitment . . . . . . . . . . . . . . . . . . . . 12%
•Q3 FY’14 adjusted EBITDA margin was 14.5% compared to adjusted EBITDA margin of 12.5% in Q3 FY’13.
•Q3 FY’14 diluted earnings per share was $0.43 compared to $0.20 in Q3 FY’13. Adjusted diluted earnings per share was $0.31 in Q3 FY’13, which excludes $7.5 million of net restructuring, integration/acquisition, and separation costs. No such costs were incurred in Q3 FY’14.
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