Q2 2024 FTI Consulting Inc Earnings Call Transcript
Key Points
- FTI Consulting Inc (FCN) reported a strong quarter with earnings per share of $2.34, a 33.7% increase year-over-year.
- Revenue grew by 12% in the first half of the year, with almost all of it being organic growth.
- Adjusted EBITDA increased by 27% compared to the first half of the previous year.
- The company raised its full-year 2024 revenue and EPS guidance ranges, reflecting confidence in continued strong performance.
- FTI Consulting Inc (FCN) is actively investing in senior talent, with 19 SMD hires announced and another 15 expected to join soon.
- The company experienced a significant tax benefit this quarter, which is not expected to recur, potentially impacting future earnings.
- There was a sequential decline in restructuring revenues due to the conclusion of several large engagements.
- Adjusted segment EBITDA in Forensic and Litigation Consulting (FLC) and Strategic Communications declined year-over-year.
- The company noted that the December slowdown, where both clients and professionals take time off, could impact second-half results.
- Billable headcount growth has been below expectations, with only a 1.7% increase year-over-year, which may affect the company's ability to meet its growth aspirations.
Good day, and welcome to the FTI Consulting second-quarter 2024 earnings conference call. (Operator instructions) Please note this event is being recorded. I would now like to turn the conference over to Ms. Mollie Hawkes, Head of Investor Relations. Please go ahead, ma'am.
Good morning. Welcome to the FTI Consulting conference call to discuss the company's second-quarter 2024 earnings results as reported this morning. Management will begin with formal remarks, after which they will take your questions.
Before we begin, I would like to remind everyone that this conference call may include forward-looking statements within the meaning of Section 27 A of the Securities Act of 1933 and Section 21 of the Securities Exchange Act of 1934, that involve risks and uncertainties.
Forward-looking statements include statements concerning plans, initiatives, projections, prospects, policy, processes and practices, objectives, goals, commitments, strategies, future
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