Business
Charles River Associates (CRA) Reports Financial Results for the Second Quarter of 2023
Broad-based Contributions Drive Record Quarterly Revenue CRA Increases Profit Guidance and Raises Lower End of Revenue Guidance for Full-year Fiscal 2023
About this update from Cra International,inc.
[{"type":"text","content":"\nBroad-based Contributions Drive Record Quarterly Revenue\n\n\nCRA Increases Profit Guidance and Raises Lower End of Revenue Guidance for Full-year Fiscal 2023\n\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 1, 2023.\n\n\n“Building on a strong start to the year, CRA delivered revenue growth of 8.6% year over year to $162.0 million, representing the highest quarterly revenue in the company’s history,” said Paul Maleh, CRA’s President and Chief Executive Officer. “This performance was driven by broad-based contributions across our portfolio. Seven of 11 practices grew year over year. Leading the way were four practices—Energy, Finance, Financial Economics, and Forensic Services—that each generated double-digit revenue growth, while our Antitrust & Competition Economics, Labor & Employment, and Life Sciences practices also grew. Our North American and international operations both grew in the second quarter, led by our international operations, which increased revenue by 18.6% year over year.”\n\n\nHighlights for Second Quarter Fiscal 2023\n\n\n\nRevenue grew 8.6% year over year to $162.0 million.\n\n\n\nUtilization was 72%, and quarter-end headcount increased 12.5% year over year.\n\n\n\nNet income decreased 18.3% year over year to $9.5 million, or 5.9% of revenue, compared with $11.6 million, or 7.8% of revenue, in the second quarter of fiscal 2022; non-GAAP net income decreased 2.5% year over year to $10.0 million, or 6.2% of revenue, compared with $10.3 million, or 6.9% of revenue, in the second quarter of fiscal 2022.\n\n\n\nEarnings per diluted share decreased 14.6% year over year to $1.34 from $1.57 in the second quarter of fiscal 2022; non-GAAP earnings per diluted share increased 2.2% year over year to $1.42 from $1.39 in the second quarter of fiscal 2022.\n\n\n\nNon-GAAP EBITDA increased 3.9% to $18.8 million, or 11.6% of revenue, compared with $18.1 million, or 12.1% of revenue, in the second quarter of fiscal 2022.\n\n\n\nOn a constant currency basis relative to the second quarter of fiscal 2022, revenue would have been higher by $0.1 million, while GAAP net income and earnings per diluted share would have remained unchanged. Non-GAA...