Business
Charles River Associates (CRA) Reports Fourth-Quarter and Full-Year 2024 Financial Results
Broad-based Contributions Drive Record Revenue and Profitability in Fiscal 2024 Fourth Quarter Revenue Increases 9.2% Year Over Year Board Expands Share
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[{"type":"text","content":"\nBroad-based Contributions Drive Record Revenue and Profitability in Fiscal 2024\n\nFourth Quarter Revenue Increases 9.2% Year Over Year\n\nBoard Expands Share Repurchase Authorization by $45 Million\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 fourth quarter and fiscal year ended December 28, 2024.\n\n“CRA achieved another record year, surpassing fiscal 2023’s revenue milestone,” said Paul Maleh, CRA’s President and Chief Executive Officer. “Strong top-line growth drove even greater increases in net income, earnings per diluted share, and EBITDA. For the fourth quarter, we continued to see strength across our portfolio of services. Revenue increased 9.2% compared with the fourth quarter of fiscal 2023 to $176.4 million. Three practices—Energy, Finance, and Intellectual Property—led the way, each generating double-digit revenue growth, while our Antitrust & Competition Economics, Labor & Employment, Risk, Investigations & Analytics and Life Sciences practices achieved year-over-year growth. Our North American and international operations both contributed to the quarter’s revenue growth, increasing 7.8% and 15.7%, respectively.”\n\nHighlights for Fourth Quarter Fiscal 2024\n\n\nRevenue grew 9.2% year over year to $176.4 million.\n\n\nUtilization was 78% and quarter-end headcount decreased 5.8% year over year.\n\n\nNet income increased 30.8% year over year to $15.0 million, or 8.5% of revenue, compared with $11.5 million, or 7.1% of revenue, in the fourth quarter of fiscal 2023; non-GAAP net income increased 21.2% year over year to $14.0 million, or 7.9% of revenue, compared with $11.5 million, or 7.1% of revenue, in the fourth quarter of fiscal 2023.\n\n\nEarnings per diluted share increased 34.6% year over year to $2.18 from $1.62 in the fourth quarter of fiscal 2023; non-GAAP earnings per diluted share increased 24.5% year over year to $2.03 from $1.63 in the fourth quarter of fiscal 2023.\n\n\nNon-GAAP EBITDA increased 28.4% to $24.4 million, or 13.9% of revenue, compared with $19.0 million, or 11.8% of revenue, in the fourth quarter of fiscal 2023.\n\n\nOn a constant currency basis relative to the fourth quarter of fiscal 2023, revenue, GAAP net income, and earnings per ...