RTTNews | Feb 22, 2021 07:16AM EST

07:15 Monday, February 22, 2021 (RTTNews.com) - Korn Ferry (KFY) reported a third-quarter net income attributable to the company of $51.32 million or $0.94 per share up from $19.99 million or $0.36 per share in the previous year. The year-over-year improvement in profitability was due to the cost saving actions the company took in response to the impact of COVID-19 as well as the fact that the company recorded $18 million in restructuring charges in the prior year in connection with the acquisitions of Miller Heiman Group, Achieve Forum and Strategy Execution. The positive factors were partially offset by the decline in revenues.

Adjusted earnings per share was $0.95 compared to $0.75 in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.50 per share for the third-quarter. Analysts' estimates typically exclude special items.

Fee revenue for the third-quarter was $475.4 million, a decrease of 8% or 9% on a constant currency basis compared to the prior year. Total revenue for the quarter was $477.88 million down from $527.98 million in the previous year. Analysts expected revenues of $424.25 million for the quarter.

Looking ahead for the fourth-quarter, the company expects earnings per share to be in the range of $0.95 to $1.05 and fee revenue of $475 million and $500 million. Analysts expect the company to report earnings of $0.54 per share and revenues of $434.77 million for the fourth-quarter.

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