CORRECTED – CORRECTED-UPDATE 1-FTI’s Q3 lags view as expenses rise, revenue

(Corrects third bullet point and paragraph 7 to show that
expenses rose 4 percent to $296.2 mln and not 30 percent to $35

* Q3 adj EPS $0.54 $ vs est. $0.61

* Q3 rev $346.1 mln vs est of 351.3 mln

* Q3 expenses up 4 pct

Nov 5 (BestGrowthStock) – Business advisory firm FTI Consulting Inc
(FCN.N: ) posted third-quarter results well below Wall Street
expectations, hurt by higher expenses and lower consulting
revenue from corporate finance and restructuring services.

Net income for the third quarter was $21.9 million, or 47
cents a share, compared with $37.5 million, or 70 cents a
share, in the year-ago period.

Excluding items, the company earned 54 cents a share.
Analysts had expected earnings of 61 cents a share, according
to Thomson Reuters I/B/E/S.

Revenue for the quarter fell marginally to $346.1 million
and lagged Street view of $351.3 million.

Revenue from its corporate finance and restructuring
segment — the company’s largest revenue stream — fell 14
percent to $109.7 million.

Third-quarter expenses of FTI, which competes with Huron
Consulting (HURN.O: ), Navigant Consulting Inc (NCI.N: ) and
private players like Ernst & Young [ERNY.UL] and
PricewaterhouseCoopers [PWC.UL], rose 4 percent to $296.2
million from the year-ago.

Huron handily beat market expectations on strong
performance of its legal advisory business. Shares of the West
Palm Beach, Florida-based company, which have shed 3 percent
after the company posted weak second-quarter results in July,
closed at $34.95 Thursday on the New York Stock Exchange.

(Reporting by Rachel Chitra in Bangalore, Editing by Prem

CORRECTED – CORRECTED-UPDATE 1-FTI’s Q3 lags view as expenses rise, revenue