Business
Charles River Associates (CRA) Reports Financial Results for the Second Quarter of 2024
Second Quarter 2024 Revenue of $171.4 Million Up 5.9% Year Over Year Company Raises Both Revenue and Profit Guidance for Full-Year Fiscal 2024
About this update from Cra International,inc.
[{"type":"text","content":"\nSecond Quarter 2024 Revenue of $171.4 Million Up 5.9% Year Over Year\n\n\nCompany Raises Both Revenue and Profit Guidance for Full-Year Fiscal 2024\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 June 29, 2024.\n\n\n“CRA continued its run of strong performance into the second quarter as revenue increased 5.9% year over year to $171.4 million,” said Paul Maleh, CRA’s President and Chief Executive Officer. “Broad-based contributions drove our results, with five practices growing revenue year over year—Antitrust & Competition Economics, Financial Economics, Intellectual Property, Labor & Employment, and Life Sciences. From this position of strength, we took steps during the quarter to further enhance the performance of our service portfolio as reflected in our increased financial guidance.”\n\n\nHighlights for Second Quarter Fiscal 2024\n\n\n\nRevenue grew 5.9% year over year to $171.4 million.\n\n\n\nUtilization was 74%, and quarter-end headcount decreased 0.3% year over year.\n\n\n\nRestructuring expense associated with portfolio optimization actions of $8.2 million, consisting of cash severance of $2.5 million and non-cash charges of $5.7 million.\n\n\n\nNet income decreased 31.2% year over year to $6.5 million, or 3.8% of revenue, compared with $9.5 million, or 5.9% of revenue, in the second quarter of fiscal 2023; non-GAAP net income increased 26.4% year over year to $12.7 million, or 7.4% of revenue, compared with $10.0 million, or 6.2% of revenue, in the second quarter of fiscal 2023.\n\n\n\nEarnings per diluted share decreased 29.9% year over year to $0.94 from $1.34 in the second quarter of fiscal 2023; non-GAAP earnings per diluted share increased 28.9% year over year to $1.83 from $1.42 in the second quarter of fiscal 2023.\n\n\n\nNon-GAAP EBITDA increased 18.5% to $22.3 million, or 13.0% of revenue, compared with $18.8 million, or 11.6% of revenue, in the second quarter of fiscal 2023.\n\n\n\nOn a constant currency basis relative to the second quarter of fiscal 2023, revenue, GAAP net income, and earnings per diluted share would have remained unchanged. Non-GAAP net income would have been lower by $0.1 million, while earnings per diluted...