FTI Consulting posted net income of $23 million, or 50 cents per share, compared with a loss of $286,000, or 1 cent per share, during the third quarter of 2006.FTI's total revenue rose 56 percent to $253.3 million from $162.1 million during the third quarter of 2006.Analysts had forecast earnings of 48 cents per share and revenue of $237.3 million.
This strong performance was due to growth in its technology and economic consulting divisions, as well as new engagements related to litigation in the securities and financial services industries and strategic consulting for industries affected by increases in energy prices.
FTI Consulting received $231.8 million in proceeds from its public offering.
FTI Consulting announced that for fiscal 2007 it expects total revenue to be in the range of $904-$929 million and EPS to be in the range of $1.74-$1.84. Analysts were expecting FTI to report revenue of $889 million and EPS of $1.76 for fiscal 2007.
This raised guidance was a result of strong first half results and current market trends. Specifically, an increase in expected revenues from the firm's Corporate Financing/Restructuring and Technology segments.