Korn Ferry Reports Higher Fiscal Fourth-Quarter Results
Korn Ferry (KFY) on Tuesday reported higher fiscal fourth-quarter results, although the consulting firm issued an outlook calling for lower earnings in the current quarter.Adjusted earnings came in at $1.40 per share for the quarter ended April 30, up from $1.32 the year before. Five analysts polled by FactSet expected non-GAAP EPS of $1.38.Total revenue increased to $768.3 million from $719.8 million, the company said. Fee revenue grew 7% to $759.8 million, driven by professional search and interim that climbed 14%, followed by 7% gains each in executive search and consulting. Analysts surveyed by FactSet expected $743.3 million."This marks our fifth consecutive quarter of top-line growth, underscoring the strength of our strategy and the increasing relevance of our solutions - all amid an uneven economic environment," Chief Executive Gary Burnison said in a statement. "I am particularly encouraged by double-digit growth in professional search and interim, reflecting the depth and breadth of our solutions."For the current quarter, Korn Ferry expects adjusted EPS of $1.32 and $1.38, compared with the analyst consensus of $1.33. The guidance assumes no material headwinds from the Middle East conflict, and that other global geopolitical and economic conditions "remain steady," the company saidThe firm projects first-quarter fee revenue of $725 million to $745 million. Analysts expect $732.5 million.Korn Ferry shares rose 3.4% in Tuesday trading.
