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Shares of Korn/Ferry International soar after 4Q earnings beat Street on strong revenue

Wednesday, June 13, 2018 6:33
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Shares of Korn/Ferry International (NYSE:KFY) climbed in pre-market trade Wednesday after the Los Angeles-based talent-management company posted fourth-quarter earnings that handily beat Wall Street estimates.

Shares surged 13.6% to US$64.22 in the pre-market.

Korn/Ferry reported fourth-quarter April 2018 earnings of US$0.80 per share on revenue of US$488.4mln. The results exceeded Wall Street expectations as the consensus earnings estimate was US$0.70 per share on revenue of $454.4mln. Revenue grew 16.4% on a year-over-year basis.

For the year, the staffing company reported profit of US$133.8mln, or US$2.35 per share, on revenue of US$1.77bn.

“We achieved the highest fiscal year fee revenue in our firm’s history – up 13% year over year,” said Korn/Ferry CEO Gary D. Burnison.

“We’ve come a long way on our journey … Today’s Korn Ferry is all about synchronizing our clients’ strategy and talent to help them drive superior performance,” he added. 

Rosy outlook

The company said it expects first-quarter earnings to range from US$0.67 to US$0.75 per share on revenue of US$450mln to US$470mln. The current consensus earnings estimate is US$0.66 per share on revenue of US$432.8mln for the quarter ending July 31, 2018.

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