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Korn Ferry -7.3% despite strong margins

Mar. 08, 2019 9:47 AM ETKorn Ferry (KFY) StockBy: Pranav Ghumatkar, SA News Editor
  • Korn Ferry (NYSE:KFY -7.2%) reports Q3 fee revenue of $474.5M (+6% Y/Y) & 10% increase on a constant currency basis, the increase in fee revenue was due to organic growth in all segments
  • Sales by segment: Executive Search: $198M (+6.7%); Advisory: $205.7M (+1.8%); RPO & Professional Search: $82.5M (+12.6%).
  • Operating margin by segment: Executive Search increased 400 bps to 23.1%; Advisory increased 80 bps to 14.5% & RPO & Professional Search increased 70 bps to 15.3%.
  • Adj. EBITDA margin by segment: Executive Search increased 420 bps to 24.9%; Advisory increased 10 bps to 18.9% & RPO & Professional Search increased 80 bps to 16.4%.
  • Total margins: Operating increased 210 bps to 13.2%; EBITDA increased 70 bps to 16.2% & Adj. EBITDA also increased by 50 bps to 16.4%.
  • “We also continue to execute our balanced approach to capital deployment, repurchasing $14.7M of our shares in the quarter, bringing our total recent share repurchases to nearly $100M and have increased our capacity to repurchase shares to a total remaining availability of $250M.  This move, in conjunction with our regular dividend, further drives our capital allocation strategy." said Gary D. Burnison, CEO, Korn Ferry.
  • Q4 Outlook: Fee revenue expected to be ~$485-505M; Diluted EPS of ~$0.85-$0.93.
  • Previously: Korn/Ferry EPS in-line, misses on revenue (Mar. 07 2019)
  • Previously: Korn/Ferry declares $0.10 dividend (Mar. 07 2019)

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