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Charles River Associates (CRA) Reports Financial Results for the Second Quarter of 2022
Broad-based Contributions Drive Record Performance Company Reaffirms Revenue Guidance and Raises Profit Guidance for Full-year Fiscal 2022 BOSTON--(BUSINESS
About this update from Cra International,inc.
[{"type":"text","content":"\nBroad-based Contributions Drive Record Performance\n\nCompany Reaffirms Revenue Guidance and Raises Profit Guidance for Full-year Fiscal 2022\n\n BOSTON--(BUSINESS WIRE)--\nCharles River Associates (NASDAQ: CRAI), a worldwide leader in providing economic, financial and management consulting services, today announced financial results for the fiscal second quarter ended July 2, 2022.\n\n“The hard work of my colleagues drove CRA’s revenue to $149.1 million, which represents the highest quarterly revenue in the company’s history,” said Paul Maleh, CRA’s President and Chief Executive Officer. “Our performance was broad based, with four practices—Antitrust & Competition Economics, Energy, Intellectual Property, Labor & Employment—delivering double-digit revenue growth year over year. We continue to effectively manage the business, mitigating the pressures of cost inflation and converting CRA’s top-line performance into strong profitability. For the quarter, CRA set new quarterly records for EBITDA, net income and earnings per diluted share.”\n\nHighlights for Second Quarter Fiscal 2022\n\n\nRevenue grew 0.6% year over year to $149.1 million.\n\n\nUtilization was 77%, and quarter-end headcount increased 3.6% year over year.\n\n\nNet income increased 0.7% year over year to $11.6 million, or 7.8% of revenue, compared with $11.6 million, or 7.8% of revenue, in the second quarter of fiscal 2021; non-GAAP net income increased 0.9% year over year to $11.7 million, or 7.8% of revenue, compared with $11.6 million, or 7.8% of revenue, in the second quarter of fiscal 2021.\n\n\nEarnings per diluted share increased 2.6% year over year to $1.57 from $1.53 in the second quarter of fiscal 2021; non-GAAP earnings per diluted share increased 3.3% year over year to $1.58 from $1.53 in the second quarter of fiscal 2021.\n\n\nNon-GAAP EBITDA increased 3.0% to $19.8 million, or 13.3% of revenue, compared with $19.2 million, or 13.0% of revenue, in the second quarter of fiscal 2021.\n\n\nOn a constant currency basis relative to the second quarter of fiscal 2021, revenue, GAAP net income, and earnings per diluted share would have been higher by $3.0 million, $0.3 million, and $0.03 per diluted share, respectively. Non-GAAP net income, earnings per diluted share, and EBITDA would have been higher by $0.2 million, $0.03 per diluted share, and $0.3 million,...