Korn Ferry Drops 5% As Q3 Outlook Lower Than Street Estimates
Shares of consulting services provider Korn Ferry (KFY) are falling more than 5% Thursday morning after the company’ third-quarter outlook came in below analysts’ view.
For the third quarter, Korn Ferry expects revenue to be in the range of $660 million-$690 million and adjusted EPS to be in the range of $0.88 to $1.00.
Analysts, on average expect the company to report earnings of $1.32 per share on revenue of $693.03 million.
Net income for the second quarter declined to $73.5 million or $1.38 per share from $75.8 million or $1.38 per share last year.
Excluding one-time items, earnings were $76.1 million or $1.43 per share, that beat the average estimate of analysts of $1.41 per share.
Quarterly revenue increased to $735.7 million from $643.4 million last year. The consensus estimate stood at $696.98 million.
KFY is at $50.73. It has traded in the range of $46.47-$78.49 in the last 52 weeks.
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