Business
Charles River Associates (CRA) Reports Financial Results for the Third Quarter of 2023
Forensic Services and Life Sciences Deliver Double-Digit Revenue Growth Company Increases Quarterly Dividend by 17% Company to Host Investor Day on November
About this update from Cra International,inc.
[{"type":"text","content":"\nForensic Services and Life Sciences Deliver Double-Digit Revenue Growth\n\n\nCompany Increases Quarterly Dividend by 17%\n\n\nCompany to Host Investor Day on November 29, 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 third quarter ended September 30, 2023.\n\n\n“Our third quarter was shaped by an unexpected slowdown in new project originations at a time of higher than expected headcount, resulting in an unusual departure from CRA’s long history of delivering revenue and profit expansion,” said Paul Maleh, CRA’s President and Chief Executive Officer. “In light of the macroeconomic uncertainty that marked the third quarter, I was pleased that six of our 11 practices grew year over year, with two of our largest practices – Forensic Services and Life Sciences – delivering double-digit revenue increases. At the same time, our international operations continued their strong performance by expanding 13.2% year over year.”\n\n\nHighlights for Third Quarter Fiscal 2023\n\n\n\nRevenue declined 0.6% year over year to $147.6 million.\n\n\n\nUtilization was 66%, and quarter-end headcount increased 11.3% year over year.\n\n\n\nNet income decreased 27.6% year over year to $8.6 million, or 5.8% of revenue, compared with $11.9 million, or 8.0% of revenue, in the third quarter of fiscal 2022; non-GAAP net income decreased 24.1% year over year to $8.0 million, or 5.4% of revenue, compared with $10.6 million, or 7.1% of revenue, in the third quarter of fiscal 2022.\n\n\n\nEarnings per diluted share decreased 25.8% year over year to $1.21 from $1.63 in the third quarter of fiscal 2022; non-GAAP earnings per diluted share decreased 22.1% year over year to $1.13 from $1.45 in the third quarter of fiscal 2022.\n\n\n\nNon-GAAP EBITDA decreased 23.4% to $13.8 million, or 9.3% of revenue, compared with $18.0 million, or 12.1% of revenue, in the third quarter of fiscal 2022.\n\n\n\nOn a constant currency basis relative to the third quarter of fiscal 2022, revenue, GAAP net income and earnings per diluted share would have been lower by $1.8 million, $0.2 million, and $0.03 per diluted share, respectively. Non-GAAP net income, earnings per diluted share, and non-GAAP EBITDA would have been...