On November 2, 2023, Huron Consulting Group Inc (HURN, Financial) announced its third-quarter financial results for 2023, revealing significant growth in revenues, net income, and adjusted EBITDA. The company also raised its guidance for 2023.
Financial Highlights
For Q3 2023, total revenues increased by $72.8 million, or 25.5%, to $358.2 million from $285.4 million in Q3 2022. Net income rose by $3.8 million, or 21.3%, to $21.5 million from $17.7 million in Q3 2022. Adjusted EBITDA, a non-GAAP measure, saw an increase of $11.5 million, or 31.6%, to $48.0 million from $36.5 million in Q3 2022.
Year-to-date 2023 financial highlights showed total revenues increasing by $204.1 million, or 24.9%, to $1.02 billion from $818.7 million for the same period in the previous year. Net income increased by $1.2 million, or 2.0%, to $59.6 million compared to $58.5 million for the same period in 2022.
Company Performance and Outlook
Mark Hussey, CEO and president of Huron, commented on the company's performance, stating,
Huron's strong performance continued in the third quarter with revenues growing 26% over the prior year quarter and a ninth consecutive quarter of year-over-year margin expansion. Our results and increased guidance reflect ongoing strong demand for our broad portfolio of offerings, our deep industry expertise, and our highly talented team."
Looking ahead, Huron has increased its guidance for full-year 2023 revenues before reimbursable expenses to a range of $1.35 billion to $1.37 billion. The company also anticipates adjusted EBITDA as a percentage of revenues in a range of 12.0% to 12.5% and non-GAAP adjusted diluted earnings per share in a range of $4.70 to $4.90.
Shareholder Returns
In the first nine months of 2023, Huron returned $88.4 million to shareholders by repurchasing 1.1 million shares of the company's common stock.
Recognition
For the 13th consecutive year, Huron has been named by Consulting magazine as a "Best Firm to Work For," recognizing the firm's commitment to its people and fostering a collaborative and inclusive culture.
Explore the complete 8-K earnings release (here) from Huron Consulting Group Inc for further details.
