Chicago: Huron Consulting Group Inc. enjoyed one of its best trading periods ever in its third quarter ended September 30, 2012.
- Revenues increased 5.4% to $161.9 million for Q3 2012 compared to $153.6 million in Q3 2011, and increased 11.9% from $144.7 million reported in Q2 2012.
- Average number of full-time billable consultants rose 14.7% to 1,356 for Q3 2012 compared to 1,182 for Q3 2011. Average number of full-time equivalent professionals was 1,229 for Q3 2012 compared to 1,179 in Q3 2011.
- Company updated full year 2012 revenue guidance to a range of $615.0 million to $625.0 million.
"Huron reported its second strongest revenue quarter ever as the Company's two largest segments — Health and Education Consulting and Legal Consulting — continued to benefit from attractive market conditions," said James Roth, chief executive officer and president, Huron Consulting Group.
"Performance-based fees in the healthcare practice nearly doubled in the third quarter compared with the second quarter, contributing to strong margins for our largest segment. Our Legal Consulting segment also performed well, despite lower than anticipated revenue from several engagements. We expect the recent launch of Huron Legal's innovative Integrated Analytics offering to enhance revenue in future quarters as it gains market acceptance."
Third Quarter 2012 Results
Revenues for the third quarter of 2012 were $161.9 million, an increase of 5.4% compared to $153.6 million for the third quarter of 2011, and increased 11.9% from $144.7 million in Q2 2012.
The Company's third quarter 2012 operating income was $20.6 million, compared to $3.7 million in the third quarter of 2011.
Net income from continuing operations was $10.4 million for the third quarter of 2012 compared to $1.1 million for the same period last year. Net income was $10.5 million for the third quarter of 2012, compared to $0.5 million, for the same period last year.
Third quarter 2012 earnings before interest, taxes, depreciation and amortization increased 161.8% to $26.2 million, or 16.2% of revenues, compared to $10.0 million, or 6.5% of revenues, in the comparable quarter last year.
Year-to-Date 2012 Results
Revenues for the first nine months of 2012 rose slightly to $445.2 million compared to $443.3 million for the first nine months of 2011.
The Company's operating income for the first nine months of 2012 was $38.9 million, compared to $36.8 million in the first nine months of 2011.