Profit Rises at Korn/FerryFriday, March 7, 2014
Shares of Korn/Ferry International rose more than 13 percent in Friday, a day after the staffing giant reported fiscal third-quarter profit that was significantly better than analysts expected.
After the markets closed Thursday, the Los Angeles company reported net income of $21.3 million (43 cents a share) for the quarter ended Jan. 31, compared with $9.5 million (20 cents) in the same period a year earlier. Revenue rose 19 percent to $251 million.
Analysts surveyed by Thomson Reuters on average expected the company to earn 34 cents a share on revenue of $229 million.
For the current fiscal fourth quarter, Korn/Ferry said it expects to report earnings in the range of 35 to 41 cents a share. The Wall Street consensus is for profit of 37.
“We continue to see steady growth across all of our market sectors,” Chief Executive Gary Burnison said during a conference call with analysts. “Our global industry areas, they’re up double digits year-to-date organically. And so for us as we look forward, we think there’s a lot of runway left here.”
Share earlier closed up $3.52, or 14 percent, to $29.35 on the New York Stock Exchange.