FTI Consulting, Inc. reported its financial results for the three and nine months ended September 30, 2024, showing notable changes in revenue, profitability, and operational metrics compared to the same periods in 2023.
For the third quarter of 2024, FTI Consulting generated revenues of $926.0 million, reflecting a 3.7% increase from $893.3 million in Q3 2023. Year-to-date revenues for the nine months reached $2.8 billion, up 9.3% from $2.6 billion in the prior year. The increase in revenue was attributed to growth across several segments, particularly Economic Consulting, which saw a 16.3% rise in revenues for the nine-month period.
Despite the revenue growth, net income for Q3 2024 decreased by 20.2% to $66.5 million, down from $83.3 million in Q3 2023. For the nine months, net income increased to $230.4 million from $193.3 million, indicating a year-over-year improvement. Earnings per share (EPS) for Q3 2024 were $1.88, down from $2.44 in the same quarter last year, while year-to-date EPS rose to $6.55 from $5.75.
Operating income for Q3 2024 was $90.9 million, a decline from $107.0 million in Q3 2023, while year-to-date operating income improved to $294.6 million from $262.5 million. Adjusted Segment EBITDA for Q3 2024 was $141.7 million, down from $145.7 million in the prior year, but increased to $450.1 million for the nine-month period, compared to $397.4 million in 2023.
The company reported a significant improvement in cash flow, with net cash provided by operating activities for Q3 2024 at $219.4 million, a 105.6% increase from $106.7 million in Q3 2023. Free cash flow also saw a substantial rise, reaching $212.3 million compared to $92.5 million in the same quarter last year.
FTI Consulting's total assets as of September 30, 2024, were $3.5 billion, up from $3.3 billion at the end of 2023. Total stockholders' equity increased to $2.3 billion from $2.0 billion, reflecting strong operational performance and retained earnings growth.
The company continues to focus on strategic growth, with no debt outstanding as of September 30, 2024, and a robust cash position of $386.3 million. FTI Consulting has maintained its stock repurchase program, with $460.7 million available under the program, which has an aggregate authorization of $1.3 billion.
Overall, FTI Consulting's financial results for the third quarter and nine months ended September 30, 2024, demonstrate a mix of revenue growth and challenges in profitability, alongside significant improvements in cash flow and operational efficiency.
About FTI CONSULTING, INC
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