Korn Ferry Announces Fourth Quarter and Fiscal 2019 Results of Operations
Los Angeles. June 20, 2019
Los Angeles, CA, June 20, 2019 – Korn Ferry (NYSE: KFY), a global organizational consulting firm, today announced fourth quarter and annual fee revenue of $490.8 million and $1,926.0 million, respectively. In addition, fourth quarter diluted earnings per share was $0.89 and Adjusted diluted earnings per share was $0.88.
“I am pleased to report fee revenue of $491 million and strong profitability, with diluted earnings per share and Adjusted diluted earnings per share of $0.89 and $0.88 during our recently completed fourth quarter. Net income attributable to Korn Ferry was $50.3 million and operating margin was 12.7%. Adjusted EBITDA was $82.2 million and EBITDA margin was 16.7% -- both all-time highs. We achieved the highest fiscal year fee revenue in our firm’s history – up 9% on a US GAAP basis year-over year and 12% at constant currency,” said Gary D. Burnison, CEO of Korn Ferry.
“We have made tremendous progress in the recently completed fiscal year. Korn Ferry is now the organizational consultancy that helps companies look at talent and strategy together. We help companies make sure they have the right people, in the right places and for the right rewards. We bring their strategies to life by redesigning their organizational structure, helping them hire, motivate and hold on to the best people, with the right skills and mindset for the future. In the fiscal year ahead, we will continue to bridge our clients’ talent and organizational strategies, unlocking their potential and driving superior performance.”
- Korn Ferry reports annual fee revenue of $1,926.0 million, an increase of 9% year-over-year (12% increase on a constant currency basis), with growth coming from all three lines of business.
- Net income attributable to Korn Ferry was $102.7 million in FY’19 with an operating margin of 7.3% and Adjusted EBITDA margin of 16.1%.
- Fee revenue was $490.8 million in Q4 FY’19, an increase of 3% (8% increase on a constant currency basis) from Q4 FY’18.
- Net income attributable to Korn Ferry was $50.3 million and operating income was $62.3 million in Q4 FY’19 with an operating margin of 12.7%. Q4 FY’19 Adjusted EBITDA was $82.2 million with an Adjusted EBITDA margin of 16.7%.
- Q4 FY’19 diluted earnings per share was $0.89 compared to diluted earnings per share of $0.73 in Q4 FY’18. Adjusted diluted earnings per share was $0.88 in Q4 FY’19 compared to Adjusted diluted earnings per share of $0.80 in Q4 FY’18.
- The Company continued with its balanced approach to capital allocation, buying back $37.4 million of stock during the year and declaring a quarterly dividend of $0.10 per share on June 20, 2019 payable on July 31, 2019 to stockholders of record on July 2, 2019.