Korn/Ferry International reported growth in profit and revenues in its fiscal second quarter but its stock dipped nearly 7 percent after falling short of analysts' expectations.
The Los Angeles executive search company reported net income of $13.6 million (31 cents per share), a 25 percent increase compared with $10.9 million (25 cents) for the same period a year earlier. Analysts polled by Thomson Financial were predicting earnings of 32 cents on average.
Revenue for the company was up 24 percent to $164.8 million thanks to continued strong hiring trends and growth in the company's other business lines, the nation's largest executive search firm said.
"Demand for talent remains strong around the world and we have been pleased with the favorable acceptance by our clients to our non-search related offerings," said Chief Executive Paul C. Reilly in a statement. "Despite normal year-end seasonality, we are optimistic about the second half of our fiscal year."
Korn/Ferry is forecasting third quarter earnings of 29 cents to 33 cents a share and revenue of $150 million to $158 million, the company said in a release.
Shares in Korn/Ferry were down $1.54 in early trading Wednesday to $22.09.
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