Business
Charles River Associates (CRA) Reports Financial Results for the Third Quarter Of 2020
Strength Across Services and Geographies Drives Growth in Revenue; Reinstates Financial Guidance for Fiscal Year 2020; Increases Quarterly Dividend by 13%
About this update from Cra International,inc.
[{"type":"text","content":"\nStrength Across Services and Geographies Drives Growth in Revenue;\n\nReinstates Financial Guidance for Fiscal Year 2020;\n\nIncreases Quarterly Dividend by 13%\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 third quarter ended September 26, 2020.\n\nKey Third-Quarter Fiscal 2020 Highlights \n\n\nRevenue grew 5.3% year over year to $121.8 million.\n\n\nUtilization was 69%, while quarter-end headcount increased 11.5% year over year.\n\n\nNet income was $5.4 million, or 4.4% of revenue, compared with $5.7 million, or 5.0% of revenue, in the third quarter of fiscal 2019; non-GAAP net income was $6.1 million, or 5.0% of revenue, compared with $7.9 million, or 6.9% of revenue, in the third quarter of fiscal 2019.\n\n\nEarnings per diluted share were $0.68, compared with $0.71 in the third quarter of fiscal 2019; non-GAAP earnings per diluted share were $0.76, compared with $0.98 in the third quarter of fiscal 2019.\n\n\nNon-GAAP EBITDA was $12.0 million, or 9.8% of revenue, compared with $12.6 million, or 10.9% of revenue, in the third quarter of fiscal 2019.\n\n\nOn a constant currency basis relative to the third quarter of fiscal 2019, revenue would have been lower by $0.9 million, GAAP net income and earnings per diluted share would have been lower by $0.2 million and $0.02, respectively. Non-GAAP net income, earnings per diluted share and EBITDA would have been lower by $0.2 million, $0.02 per diluted share, $0.2 million, respectively.\n\n\nCRA returned $6.8 million of capital to its shareholders, consisting of $1.8 million of dividend payments and $5.0 million for share repurchases of approximately 110,000 shares.\n\n\nManagement Commentary and Financial Guidance\n\n“Against a challenging economic backdrop, CRA again demonstrated its ability to generate strong cash flows, providing funds to support the growth of the business and return capital to shareholders,” said Paul Maleh, CRA’s President and Chief Executive Officer. “Highlighting the resiliency of our company, CRA delivered year-over-year revenue growth for the 19th consecutive quarter. CRA continued to invest in our practices by increasing headcount by 11.5% year over year, while at the same time reducing its b...