FTI Consulting, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Revises Earnings Guidance for the Year 2018; Provides Effective Tax Rate Guidance for the Second Half of 2018
July 26, 2018 at 07:30 am EDT
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FTI Consulting, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported revenues of $512,098,000 compared to $444,715,000 a year ago. Operating income was $61,831,000 compared to $29,000 a year ago. Income before tax provision was $57,722,000 compared to loss before tax provision of $4,629,000 a year ago. Net income was $43,609,000 or $1.14 per diluted share compared to net loss of $5,156,000 or $0.13 per diluted share a year ago. Adjusted net income was $43,609,000 or $1.14 per diluted share compared to $16,147,000 or $0.40 per diluted share a year ago. Adjusted EBITDA was $72,371,000 compared to $40,788,000 a year ago. The company generated net cash from operating activities of $34.6 million and free cash flow of $26.1 million in the quarter.
For the six months, the company reported revenues of $1,009,872,000 compared to $891,059,000 a year ago. Operating income was $124,090,000 compared to $27,118,000 a year ago. Income before tax provision was $111,937,000 compared to $17,264,000 a year ago. Net income was $82,554,000 or $2.18 per diluted share compared to $8,860,000 or $0.22 per diluted share a year ago. Adjusted net income was $82,554,000 or $2.18 per diluted share compared to $30,264,000 or $0.75 per diluted share a year ago. Adjusted EBITDA was $144,665,000 compared to $79,107,000 a year ago.
The company is revising its full year 2018 guidance. The company now estimates that 2018 revenues will range between $1.910 billion and $1.960 billion. This compares to the previous revenue range of between $1.825 billion and $1.875 billion. The company now estimates that 2018 EPS will range between $2.90 and $3.30. This compares to the previous EPS range of between $2.35 and $2.65.
For the balance of 2018, the company expects effective tax rate to be between 27% and 29%.
FTI Consulting, Inc. is a global business advisory company. Its segments include Corporate Finance & Restructuring, Forensic and Litigation Consulting, Economic Consulting, Technology and Strategic Communications. The Corporate Finance & Restructuring segment focuses on the strategic, operational, financial, transactional and capital needs of its clients. The Forensic and Litigation Consulting provides law firms, companies, government entities and private equity firms with a multidisciplinary and independent range of services in risk and investigations and disputes. The Economic Consulting segment provides law firms, companies, and government entities with analyses of economic issues for use in international arbitration and legal and regulatory proceedings. The Technology segment provides information governance, privacy and security and corporate legal department consulting. Its Strategic Communications segment provides corporate reputation, financial communications and public affairs.
FTI Consulting, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Revises Earnings Guidance for the Year 2018; Provides Effective Tax Rate Guidance for the Second Half of 2018