Business
Charles River Associates (CRA) Reports Financial Results for the Third Quarter of 2022
Broad-based Contributions Drive Strong Performance Raises Revenue and Profit Guidance for Full-year Fiscal 2022 Increases Quarterly Dividend by 16%
About this update from Cra International,inc.
[{"type":"text","content":"\nBroad-based Contributions Drive Strong Performance\n\nRaises Revenue and Profit Guidance for Full-year Fiscal 2022\n\nIncreases Quarterly Dividend by 16%\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 1, 2022.\n\n“Continued momentum in the business and demand for our services drove CRA’s quarterly revenue to $148.4 million, representing 8.8% year-over-year growth,” said Paul Maleh, CRA’s President and Chief Executive Officer. “Our performance was broad based, with seven of our eleven practices expanding year over year and five of those practices – Antitrust & Competition Economics, Auctions & Competitive Bidding, Energy, Finance, and Labor & Employment – delivering double-digit revenue growth. Our North American operations expanded third-quarter revenue by more than 10% year over year. Revenue from our international operations was flat on a reported basis, but grew by 16% when adjusted for currency headwinds. We continue to effectively manage the business, mitigating cost pressures and converting CRA’s top-line performance into strong profitability.”\n\nHighlights for Third Quarter Fiscal 2022\n\n\nRevenue grew 8.8% year over year to $148.4 million.\n\n\nUtilization was 74%, and quarter-end headcount increased 3.3% year over year.\n\n\nNet income increased 8.5% year over year to $11.9 million, or 8.0% of revenue, compared with $10.9 million, or 8.0% of revenue, in the third quarter of fiscal 2021; non-GAAP net income increased 8.7% year over year to $11.9 million, or 8.0% of revenue, compared with $10.9 million, or 8.0% of revenue, in the third quarter of fiscal 2021.\n\n\nEarnings per diluted share increased 13.2% year over year to $1.63 from $1.44 in the third quarter of fiscal 2021; non-GAAP earnings per diluted share increased 13.9% year over year to $1.64 from $1.44 in the third quarter of fiscal 2021.\n\n\nNon-GAAP EBITDA increased 21.3% to $19.6 million, or 13.2% of revenue, compared with $16.2 million, or 11.9% of revenue, in the third quarter of fiscal 2021.\n\n\nOn a constant currency basis relative to the third quarter of fiscal 2021, revenue, GAAP net income, and earnings per diluted share would have been higher by $4.2 million,...