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Korn Ferry (NYSE:KFY) reported a third-quarter fiscal 2024 total revenue decline of 1.5% year-over-year to $676.87 million, beating the consensus of $657.96 million.
Fee revenue of the global organizational consulting firm was $668.68 million, a decrease of 2.0% Y/Y. Adjusted EPS of $1.07 beats the estimate of $0.99.
Operating income climbed 299% Y/Y to $49.9 million, with an operating margin of 7.5%, up by 570 bps Y/Y. Adjusted EBITDA was $101.7 million, with an adjusted EBITDA margin of 15.2%, up by 110 bps Y/Y.
The company exited the quarter with cash and equivalents worth $782.5 million.
Dividend: The company declared a quarterly dividend of $0.33 per share on March 5, 2024, payable on April 15, 2024, to stockholders of record on March 27, 2024.
Q4 Outlook: Korn Ferry expects adjusted EPS of $1.09 – $1.17, versus consensus of $1.07 and fee revenue of $675 million – $695 million.
Investors can gain exposure to Korn Ferry via Elevation Series Trust Sovereign’s Capital Flourish Fund (NYSE:SOVF) and Invesco S&P SmallCap Industrials ETF (NASDAQ:PSCI).
Price Action: KFY shares closed lower by 3.14% to $64.06 on Tuesday.
