FTI Consulting Shares Soared: What You Need to Know
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of FTI Consulting (NYS: FCN) soared by as much as 11% today after the company reported quarterly earnings this morning.
So what: Third-quarter revenue hit a record level of $413.8 million and earnings per share came in at $0.70. The numbers destroyed the $385.1 million in sales and $0.61 in earnings per share that the market was expecting and helped send shares higher.
Now what: The business -advisory company saw the biggest growth in its Economic Consulting and Technology segments, which increased 61% and 33%, respectively. The Corporate Finance/Restructuring division was the largest contributor to the quarter's sales and was driven by strength in foreign geographies. During the quarter, the company also completed a $500 million stock-repurchase plan that was authorized in November 2009.
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