Korn Ferry Announces First Quarter Fiscal 2018 Results of Operations
Los Angeles. September 6, 2017
Los Angeles, CA, September 6, 2017 – Korn Ferry International (NYSE: KFY), the preeminent global people and organizational advisory firm, today announced first quarter fee revenue of $401.3 million. First quarter diluted earnings per share was $0.51 and adjusted diluted earnings per share was $0.55. Adjusted diluted earnings per share for the first quarter excluded $2.1 million, or $0.04 per share, of integration/acquisition costs and a small amount of real estate related restructuring charges, both net of related taxes.
“I am pleased to report fee revenue of $401.3 million, up almost 7% year over year (almost 8% on a constant currency basis), for our recently completed first quarter. Profits were also strong, with diluted earnings per share and adjusted diluted earnings per share of $0.51 and $0.55 and Adjusted EBITDA of approximately $59 million. All three of our business lines experienced growth,” said Gary D. Burnison, CEO of Korn Ferry. “We are making substantial investments in our operations and offering progressive solutions for the talent and organizational challenges faced by our clients. Korn Ferry is not only the world’s leading executive search firm – the scale and scope of our broader offerings account for more than half of our revenue. Our company stands at the intersection of talent and strategy and more than ever we’re helping our clients drive performance through their people.”
- Korn Ferry reports fee revenue of $401.3 million in Q1 FY’18, a 6.8% increase from Q1 FY’17, driven by organic growth in all lines of business.
- Operating income was $40.7 million in Q1 FY’18 with an operating margin of 10.2%. Adjusted EBITDA was $59.4 million with Adjusted EBITDA margin of 14.8%.
- Q1 FY’18 diluted earnings per share was $0.51 and adjusted diluted earnings per share was $0.55.
- The Company continued to return capital to stockholders during the quarter, paying $5.8 million in dividends and repurchasing $4.0 million worth of its outstanding shares. As of September 5th, the cumulative share repurchases since the program started in October 2016 amount to $57.4 million, which equates to almost 2.0 million shares.
- The Company declared a quarterly dividend of $0.10 per share on September 5, 2017 payable on October 13, 2017 to stockholders of record on September 27, 2017.
About Korn Ferry
Korn Ferry is the preeminent global people and organizational advisory firm. We help leaders, organizations, and societies succeed by releasing the full power and potential of people. Our more than 7,000 colleagues deliver services through our Executive Search, Hay Group and Futurestep divisions.
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