The following is a summary of the FTI Consulting, Inc. (FCN) Q1 2024 Earnings Call Transcript:
Financial Performance:
FTI Consulting reported Q1 2024 revenues of $928.6 million, an increase of 15.1% year-over-year.
Earnings per share increased by 66.4% to $2.23.
Operating income increased from $47.5 million in the previous year to $80 million.
SG&A expenses increased 9.6%, due largely to higher compensation and bad debt.
The company had an effective tax rate of 19.6%, compared to 24% in the first quarter of '23.
Business Progress:
All business segments experienced year-over-year growth in Q1 2024.
The company is planning significant investments over the rest of the year that may impact earnings in 2H 2024 or 2025.
FTI Consulting expects to add approximately 300 campus hires in the second half of 2024.
The company is maintaining its guidance following a strong Q1, indicating balanced projections for the rest of the fiscal year.
The company acknowledged the importance of AI for their business and plans to allocate more resources towards it.
More details: FTI Consulting IR
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