The Hackett Group, Inc. reported its financial results for the third quarter and the nine months ended September 27, 2024, showing notable revenue growth but a decline in net income compared to the previous fiscal period.
For Q3 2024, total revenue reached $79.8 million, an increase from $75.9 million in Q3 2023. Revenue for the nine months ended September 27, 2024, was $234.6 million, up from $224.2 million in the same period last year. The growth was driven by the Oracle Solutions and SAP Solutions segments, which reported revenues of $22.8 million and $13.0 million for Q3 2024, respectively, compared to $20.8 million and $11.2 million in Q3 2023. However, net income for Q3 2024 decreased to $8.6 million from $9.4 million in Q3 2023, and for the nine months, net income slightly declined to $26.1 million from $26.3 million in the prior year.
The company’s operating income for Q3 2024 was $12.8 million, down from $13.7 million in Q3 2023, attributed to increased costs and operating expenses, which rose to $67.0 million from $62.1 million. The increase in costs was primarily due to higher personnel and SG&A expenses, which were $46.4 million and $18.7 million, respectively, for Q3 2024.
In terms of strategic developments, The Hackett Group completed the acquisition of LeewayHertz Technologies Private Limited on September 23, 2024, for $7.8 million, which is expected to enhance its capabilities in AI and digital transformation. The company is forming a joint venture with LeewayHertz to integrate its AI XPLR and ZBrain platforms, anticipated to be completed by the end of fiscal year 2024.
As of September 27, 2024, The Hackett Group reported total assets of $190.8 million, up from $181.4 million at the end of the previous fiscal year. Long-term debt decreased significantly to $19.7 million from $32.7 million, while total shareholders' equity increased to $110.9 million from $90.1 million. Cash on hand was reported at $10.0 million, down from $21.0 million at the end of December 2023.
The company also declared dividends totaling $9.1 million during the first nine months of 2024 and continued its share repurchase program, having repurchased $2.8 million worth of shares in the same period. The Hackett Group remains focused on leveraging its expertise in digital transformation and AI to drive future growth amidst challenging macroeconomic conditions.
About HACKETT GROUP, INC.
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