Lower Korn/Ferry Profit Better Than ExpectedWednesday, March 6, 2013
Korn/Ferry International on Wednesday beat analyst’s estimates for the third fiscal quarter, even as net income fell from the same period a year earlier. During the quarter, the Century City firm also completed the acquisition of Minneapolis’ PDI Ninth House.
For the period ending Jan 31, the staffing agency posted net income of $9.5 million (31 cents a share), a decrease of 18 percent from the year earlier, but still 2 cents better than analyst’s expectations. Revenue was $210 million, a 7.5 percent increase from the year-ago period and surpassing estimates of $204 million.
“I am pleased with the results of our fiscal 2013 third quarter, which once again included year-over-year growth within our broader talent management offerings,” said Gary D. Burnison, the company’s chief executive. “Korn/Ferry continues to evolve from finding great people, to finding out ‘who they are,’ to helping companies design, build and develop winning teams through the right combination of talent.
Prior to the earnings announcement, Korn/Ferry’s stock closed down 1 cent to $18.14 – a decrease of less than 1 percent.