NYSE$FCN
FTI Consulting Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
FTI Consulting delivered record revenues, exceeding expectations, driven by strengths across all segments and geographies.
FTI Consulting reported a strong first quarter with record revenues of $928.6 million, a 15.1% increase year-over-year. EPS grew by 66.4% to $2.23. The company benefited from increased utilization and billable rates. While the company acknowledges positive impacts from lower tax rates and higher success fees, they are maintaining their full-year guidance.
- Delivered terrific results this quarter.
- Quarterly results can deviate from what we would see as the true durable underlying economic power of the business.
- The company is seeing a rich set of investment opportunities across segments and the world.
- The strength of this quarter clearly reflects the multiyear progress we have made.
Headline financials
Revenue & EPS history
FTI Consulting · Revenue · Quarterly
$929M
Revenue by segment
FTI Consulting · $893M total across 5 segments · Q3 2023
- Corporate Finance$347M+23.2%38.9%
- Economic Consulting$194M+0.3%21.7%
- Forensic & Litigation$166M+15.9%18.6%
- Technology$98.8M+16.4%11.1%
- Strategic Communications$86.9M+19.9%9.7%
Forward guidance
FTI Consulting is maintaining its current guidance, considering factors such as tax rate expectations, the strength of the restructuring business, potential investments, and seasonal business slowdown.
Tailwinds
- FTI Consulting's results illustrate the growing need for our services as we assist our clients as they navigate through their most complex challenges and opportunities regardless of business cycle.
- Our leading practitioners and their continued ability to not only win business, but also attract top talent is our core strength.
- We continually will look to expand our portfolio of services to adjacencies related to our core competencies.
- Our enviable balance sheet allows us the flexibility to continue to boost shareholder value through organic headcount growth.
- Our enviable balance sheet allows us the flexibility to continue to boost shareholder value through share buybacks and acquisitions when we see the right ones.
Headwinds
- Tax rate was 19.6% in the first quarter of ‘24, but we expect it to be between 22% and 24% for the full year.
- Last year, we had a weak first half, followed by an exceptionally strong second half of the year.
- Our restructuring business this quarter was even stronger than we expected. Whether this level of strength will persist through the year may depend on factors that are difficult to reliably predict and include availability of funding for distressed companies and the duration of our matters.
- Several of our other businesses can have significant ups and downs based on large new matters starting or ending, as evidenced even in this past quarter in business transformation & strategy where certain jobs ended.
- The fourth quarter is typically a weaker quarter for us because of a seasonal business slowdown and vacations at the end of the year.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
-0.5%
Avg return
Earnings day
+0.4%
Avg return
5 days after
+1.4%
Avg return
30 days after
44%
30 / 68 earnings
Positive
+17.4%
Q3 2023
Best reaction
-22.5%
Q3 2015
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.0% | -6.9% | -14.7% | |
| Q4 2025 | +5.1% | +4.0% | +6.5% | |
| Q3 2025 | -1.4% | +9.2% | +5.3% | |
| Q1 2025 | -3.9% | -2.5% | -1.0% | |
| Q4 2024 | -14.3% | +0.7% | -1.5% | |
| Q3 2024 | -13.3% | -12.4% | -12.0% | |
| Q2 2024 | -2.2% | -3.0% | -2.9% | |
| Q1 2024 | -1.1% | +0.0% | +3.3% | |
| Q4 2023 | +13.7% | -3.1% | -7.0% | |
| Q3 2023 | +17.4% | +15.4% | +20.6% | |
| Q2 2023 | -10.0% | -8.8% | -4.6% | |
| Q1 2023 | -9.0% | -9.5% | -4.9% | |
| Q4 2022 | +12.1% | +1.4% | +7.0% | |
| Q3 2022 | -12.6% | -12.9% | -1.6% | |
| Q2 2022 | -10.1% | -11.3% | -11.1% | |
| Q1 2022 | -0.2% | -1.9% | +5.7% | |
| Q4 2021 | +6.0% | +5.8% | +6.7% | |
| Q3 2021 | +1.0% | +3.0% | +2.9% | |
| Q2 2021 | +3.8% | +3.5% | -0.6% | |
| Q1 2021 | -1.9% | +0.5% | -2.9% | |
| Q4 2020 | +4.2% | +2.9% | +19.8% | |
| Q3 2020 | -10.5% | -9.3% | -4.6% | |
| Q2 2020 | +7.7% | +10.3% | +5.5% | |
| Q1 2020 | -6.1% | -5.8% | -9.5% | |
| Q4 2019 | -2.2% | +4.9% | +4.3% | |
| Q3 2019 | +0.0% | -0.9% | -1.4% | |
| Q2 2019 | +8.9% | +11.5% | +10.3% | |
| Q1 2019 | +8.1% | +7.8% | +3.2% | |
| Q4 2018 | +9.9% | -2.7% | +2.4% | |
| Q3 2018 | +3.8% | +5.5% | +0.1% | |
| Q2 2018 | +10.8% | +15.9% | +9.9% | |
| Q1 2018 | +8.8% | +15.1% | +21.8% | |
| Q4 2017 | +11.8% | +1.5% | -0.4% | |
| Q3 2017 | +16.0% | +17.0% | +14.3% | |
| Q2 2017 | -0.2% | -0.7% | +0.3% | |
| Q1 2017 | -17.8% | -16.4% | -17.9% | |
| Q4 2016 | +1.8% | +0.3% | +2.3% | |
| Q3 2016 | -11.4% | -9.6% | -1.0% | |
| Q2 2016 | -2.3% | -1.3% | +1.9% | |
| Q1 2016 | +16.3% | — | — | |
| Q4 2015 | -0.4% | — | — | |
| Q3 2015 | -22.5% | — | — | |
| Q2 2015 | -0.5% | — | — | |
| Q1 2015 | +4.2% | — | — | |
| Q4 2014 | -1.8% | — | — | |
| Q3 2014 | +6.3% | — | — | |
| Q2 2014 | +0.3% | — | — | |
| Q1 2014 | -8.6% | — | — | |
| Q4 2013 | -18.6% | — | — | |
| Q3 2013 | +7.3% | — | — | |
| Q2 2013 | -11.2% | — | — | |
| Q1 2013 | +0.5% | — | — | |
| Q4 2012 | -5.0% | — | — | |
| Q3 2012 | +4.5% | — | — | |
| Q2 2012 | -8.8% | — | — | |
| Q1 2012 | -9.3% | — | — | |
| Q1 2010 | -3.4% | — | — | |
| Q4 2011 | -3.4% | — | — | |
| Q3 2009 | -3.4% | — | — | |
| Q4 2010 | -2.5% | — | — | |
| Q3 2011 | -2.5% | — | — | |
| Q2 2011 | -3.1% | — | — | |
| Q1 2011 | +2.9% | — | — | |
| Q4 2008 | -0.5% | — | — | |
| Q3 2010 | -3.4% | — | — | |
| Q2 2010 | +3.0% | — | — | |
| Q4 2009 | +3.0% | — | — | |
| Q2 2009 | +3.0% | — | — |
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