Business
Charles River Associates (CRA) Reports Financial Results for the Third Quarter of 2021
Broad-based Contributions Drive Strong Revenue and Profit Growth Company Increases Quarterly Dividend by 19% BOSTON--(BUSINESS WIRE)-- Charles River
About this update from Cra International,inc.
[{"type":"text","content":"\nBroad-based Contributions Drive Strong Revenue and Profit Growth\n\nCompany Increases Quarterly Dividend by 19%\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 October 2, 2021.\n\n“Building on a strong first half of fiscal 2021, CRA reported revenue growth of 12.0% year over year to $136.4 million, representing the 23rd consecutive quarter of year-over-year revenue growth,” said Paul Maleh, CRA’s President and Chief Executive Officer. “Our performance for the quarter was driven by double-digit revenue growth in each of our Antitrust & Competition Economics, Financial Economics, Forensic Services, Labor & Employment, Marakon, and Risk, Investigations & Analytics practices. Both our North American and international operations contributed to our quarterly growth, increasing year over year by 14.1% and 3.5%, respectively. The quarter’s top-line growth resulted in accelerating profit expansion, as CRA’s net income, earnings per diluted share and EBITDA all grew significantly faster than revenue.”\n\nKey Third-Quarter Fiscal 2021 Highlights\n\n\nRevenue grew 12.0% year over year to $136.4 million.\n\n\nUtilization was 73%, and quarter-end headcount increased 6.8% year over year.\n\n\nNet income increased 102.6% year over year to $10.9 million, or 8.0% of revenue, compared with $5.4 million, or 4.4% of revenue, in the third quarter of fiscal 2020; non-GAAP net income increased 80.3% year over year to $10.9 million, or 8.0% of revenue, compared with $6.1 million, or 5.0% of revenue, in the third quarter of fiscal 2020.\n\n\nEarnings per diluted share increased 111.8% year over year to $1.44 from $0.68; non-GAAP earnings per diluted share increased 89.5% year over year to $1.44 from $0.76.\n\n\nNon-GAAP EBITDA increased 35.3% to $16.2 million, or 11.9% of revenue, compared with $12.0 million, or 9.8% of revenue, in the third quarter of fiscal 2020.\n\n\nOn a constant currency basis relative to the third quarter of fiscal 2020, revenue, GAAP net income, and earnings per diluted share would have been lower by $1.4 million, $0.1 million, and $0.01 per diluted share, respectively. Non-GAAP net income, earnings per diluted share, and EBITDA would have been lower ...