FTI Consulting Profits Fall, Misses Estimates (FCN)

FTI Consulting, Inc. FCN announced on Friday morning that it missed consensus Wall Street estimates. FTI Consulting, Inc reported that its 3rd quarter net income fell to $22 million, or 48 cents per share, down from $36.6 million, or 74 cents, a year earlier. Excluding special items, the company's earnings came in at 54 cents per share. Revenue Fell slightly to $346.1 million, down from $348.6 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 61 cents per share, on revenue of $351.31 million. President and chief executive officer Jack Dunn said, "Results for the quarter saw three of our segments grow; one was flat and one experienced a significant decline. Forensic and Litigation Consulting grew 11.9% based on the continuation of major cases plus several new FCPA cases, strong investigatory due diligence activities in Asia and Latin America and disputes arising out of the financial crisis and mortgage backed securities. Technology grew 10.4% based on increased volumes in document hosting, revenues from our new Acuity™ offering and increased activity in the U.K. and Australia. Strategic Communications grew 5.8%, with both retained and project based work performing well. While the quarter for Economic Consulting was basically flat reflecting a continued dearth of antitrust and M&A work, the segment remains up 11.5% for the nine months compared to a year ago period. Corporate Finance continued to decline from cyclically high results last year and was down 14.1%. FTI Consulting, Inc. (FCN) closed the previous trading day at $34.95 per share. Analysts covering the company's stock give it a consensus price target of $44.75 per share. Read more from Benzinga's Company news.