Despite a continued slow pace in hiring in the overall economy, staffing company Korn/Ferry International said it moved to a profit in its fiscal third quarter on higher revenue.
The Los Angeles company reported net income of $7.9 million (17 cents per share) for the quarter ended Jan. 31, compared with a net loss of $22.4 million (-52 cents) a year earlier.
Revenue rose 6 percent to nearly $153 million, with revenue from recruiting fees up 8 percent.
Excluding a $2.8 million tax benefit, Korn/Ferry earned 11 cents per share, meeting the consensus expectation of analysts surveyed by Thomson Reuters.
The company expects fourth-quarter earnings of 10 cents to 16 cents a share, with fee revenue between $145 million to $155 million.
"Although our growth rate continues to outpace the industry, the macroeconomic environment remains challenging,” said Chief Executive Gary D. Burnison in a press release.
Shares were up 21 cents, or 1 percent, to $18.25 in midday trading on the New York Stock Exchange.
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