* Q3 EPS $0.70 vs est. $0.66 * Corporate finance/restructuring rev jumps 39 pct * Announces $500 mln share buyback
Nov 4 (Reuters) - Business advisory firm FTI Consulting Inc posted a quarterly profit that topped Wall Street targets as it gained from a surge in restructuring activities at industries hit by the recession.
The company, which also announced a $500 million stock buyback program, said its economics segment too reported strong revenue due to signs of improved litigation driven activity and the partial thawing of capital markets, helping M&A activity.
Net income was $37.5 million, or 70 cents a share, compared with $26.3 million, or 48 cents a share, a year ago.
Analysts were looking for a profit of 66 cents a share, according to Thomson Reuters I/B/E/S.
Revenue at its corporate finance/restructuring segment jumped 39 percent, while economic consulting was up nearly 6 percent.
'Given that the majority of our business segments benefit from a growing economy, we are confident in our ability to deliver our target organic revenue growth rate of 10 percent to 12 percent next year,' Chief Executive Jack Dunn said in a statement.
Shares of the West Palm Beach, Florida-based company closed at $42.57 Wednesday on the New York Stock Exchange.
(Reporting by Jochelle Mendonca in Bangalore; Editing by Anil D'Silva)
(jochelle.mendonca@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: jochelle.mendonca.reuters.com@reuters.net)) Keywords: FTICONSULTING/
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Nov 4 (Reuters) - Business advisory firm FTI Consulting Inc posted a quarterly profit that topped Wall Street targets as it gained from a surge in restructuring activities at industries hit by the recession.
The company, which also announced a $500 million stock buyback program, said its economics segment too reported strong revenue due to signs of improved litigation driven activity and the partial thawing of capital markets, helping M&A activity.
Net income was $37.5 million, or 70 cents a share, compared with $26.3 million, or 48 cents a share, a year ago.
Analysts were looking for a profit of 66 cents a share, according to Thomson Reuters I/B/E/S.
Revenue at its corporate finance/restructuring segment jumped 39 percent, while economic consulting was up nearly 6 percent.
'Given that the majority of our business segments benefit from a growing economy, we are confident in our ability to deliver our target organic revenue growth rate of 10 percent to 12 percent next year,' Chief Executive Jack Dunn said in a statement.
Shares of the West Palm Beach, Florida-based company closed at $42.57 Wednesday on the New York Stock Exchange.
(Reporting by Jochelle Mendonca in Bangalore; Editing by Anil D'Silva)
(jochelle.mendonca@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: jochelle.mendonca.reuters.com@reuters.net)) Keywords: FTICONSULTING/
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
