UPDATE 2-FTI Consulting Q1 profit beats Wall Street

* Q1 adj. EPS $0.67 vs est. $0.62

* Economic segment rev up 23 pct
(Adds CEO, analyst comments, details)

By Sweta Singh

BANGALORE, May 5 (BestGrowthStock) – Business advisory firm FTI
Consulting Inc (FCN.N: ) reported adjusted quarterly profit above
Wall Street estimates amid improving demand for its consulting
services.

“While activity is still far from robust, there appear to
be signs of strength in many sectors,” Chief Executive Jack
Dunn said in a statement.

The company saw beginnings of growth from practices that
benefit in times of recovery, Dunn added.

Net income for the first quarter was $14.2 million, or 29
cents a share, compared with $31.7 million, or 60 cents a
share, in the year-ago period. Excluding items, the company
earned 67 cents a share.

Analysts had expected earnings of 62 cents a share,
according to Thomson Reuters I/B/E/S.

Revenue for the quarter rose 1 percent to $350 million, but
lagged Street view of $351.2 million. Revenue from economic
consulting rose 23 percent to $67.3 million.

The company, however, saw an 8 percent decline in revenue
from its corporate finance and restructuring segment — the
largest contributor to total revenue.

“Corporate finance restructuring not surprisingly is still
coming back and I don’t think anyone is surprised by that one,”
analyst Kevane Wong of JMP Securities said.

“There are positive indications that things are continuing
to get better in the other segments,” Wong added.

In the consulting space FTI competes with Huron Consulting
(HURN.O: ), Navigant Consulting Inc (NCI.N: ) and private players
like Ernst & Young [ERNY.UL] and PricewaterhouseCoopers
[PWC.UL], among others.

Shares of the West Palm Beach, Florida-based company closed
at $41.06 Tuesday on the New York Stock Exchange.

Stock Analysis

(Reporting by Sweta Singh; Editing by Unnikrishnan Nair)

UPDATE 2-FTI Consulting Q1 profit beats Wall Street