Korn Ferry Announces Third Quarter Fiscal 2017 Results of Operations
March 6, 2017
Los Angeles, CA, March 6, 2017 – Korn/Ferry International (NYSE: KFY), the preeminent global people and organizational advisory firm, today announced third quarter fee revenue of $381.9 million. Q3 FY’17 diluted earnings per share and adjusted diluted earnings per share were $0.42 and $0.53, respectively. Adjusted diluted earnings per share exclude $8.6 million, or $0.15 per share, of restructuring charges, net and integration/acquisition costs.
“I am pleased to report an 11% increase in fee revenue to $382 million and strong profitability with adjusted diluted earnings per share of $0.53 and adjusted EBITDA of approximately $55 million during our recently completed third quarter, benefitted by the acquisition of Hay Group,” said Gary D. Burnison, CEO of Korn Ferry. “I’m confident the steps we have taken since combining with the Hay Group – broadening our solutions, unifying two outstanding workforces and streamlining our operations – have not only created the world’s leading organizational and people advisory firm, but a transformational platform for growth and scale.”
- Korn Ferry reports an 11% increase in Q3 FY’17 fee revenue compared to the year ago-quarter, primarily driven by the acquisition in Hay Group.
- Futurestep’s new business in the quarter reached a record high of $103.8 million, with a record $83 million in Solutions new business.
- Operating margin was 8.0% in Q3 FY’17 compared to an operating margin of (4.1)% in Q3 FY’16. Adjusted EBITDA margin increased to 14.5% in Q3 FY’17 from 13.6% in Q3 FY’16.
- Q3 FY’17 diluted earnings per share was $0.42 compared to diluted loss per share of $0.30 in Q3 FY’16. Adjusted diluted earnings per share was $0.53 in Q3 FY’17, compared to adjusted diluted earnings per share in Q3 FY’16 of $0.52.
- The Company continued to repurchase shares in the open market with cumulative share repurchases of 893,000 since October 2016, representing a reduction of approximately 1.6% of outstanding shares of common stock.
- The Company declared a quarterly dividend of $0.10 per share on March 6, 2017, payable on April 14, 2017 to stockholders of record on March 23, 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 nearly 7,000 colleagues deliver services through our Executive Search, Hay Group and Futurestep divisions.
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