Huron Consulting Group Inc. reported significant financial performance improvements for the third quarter and the nine months ended September 30, 2024, compared to the same periods in 2023. Total revenues for Q3 2024 reached $378.1 million, a 2.3% increase from $367.5 million in Q3 2023. For the nine months, revenues rose to $1.12 billion, up 7.0% from $1.05 billion in the prior year. Revenues before reimbursable expenses also saw a similar upward trend, increasing by 3.3% to $370.0 million in Q3 2024 and by 7.3% to $1.10 billion for the nine-month period.
The company's net income for Q3 2024 was $27.1 million, reflecting a 26.2% increase from $21.5 million in Q3 2023. For the nine months, net income rose to $82.6 million, a 38.5% increase from $59.6 million in the same period last year. Earnings per share also improved, with diluted EPS for Q3 2024 at $1.47, up from $1.10 in Q3 2023, and for the nine months, it increased to $4.43 from $3.05.
Huron's operating income for Q3 2024 was $42.4 million, a 13.7% increase from $37.3 million in Q3 2023, with an operating margin of 11.5%, up from 10.4%. The nine-month operating income also increased significantly to $121.8 million, a 27.5% rise from $95.5 million in 2023.
The company’s strategic developments included the acquisition of Vlamis Software Solutions, Inc. and Grenzebach Glier and Associates, Inc., which were completed in January and March 2024, respectively. These acquisitions are expected to enhance Huron's capabilities in the Education and Commercial segments, although they were not significant to the consolidated financial statements individually or in aggregate.
Huron's total operating expenses for Q3 2024 were $335.6 million, a slight increase from $330.1 million in Q3 2023, while for the nine months, expenses rose to $1.00 billion from $953.3 million. The increase in expenses was attributed to higher compensation costs and selling, general, and administrative expenses.
The company also reported a restructuring charge of $3.1 million in Q3 2024, down from $5.4 million in Q3 2023, indicating a reduction in restructuring activities. As of September 30, 2024, Huron had cash and cash equivalents of $18.5 million, up from $12.1 million at the end of 2023, and total assets increased to $1.33 billion from $1.26 billion.
Overall, Huron Consulting Group Inc. demonstrated strong revenue growth, improved profitability, and strategic acquisitions, positioning itself for continued success in its core segments of Healthcare, Education, and Commercial.
About Huron Consulting Group Inc.
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