Shares of Korn/Ferry International (NYSE:KFY) surged Thursday after the company reported a 50% jump in first-quarter revenue, driven by improved global demand, helping it post a profit from a year-ago loss
The provider of talent management solutions posted net income of $10.9 million, or 24 cents a share, compared with a loss of $14.3 million, or 33 cents a share, in the same quarter last year.
The results were ahead of average analyst estimates of 20 cents a share, according to a Thomson Reuters poll.
Revenue for the Los Angeles-based company was $175.1 million, up from $116.8 million in the earlier-year period, and beating the Street’s view of $166.56 million.
“With our fifth consecutive sequential fee revenue increase and a year-over-year improvement of fifty percent, I am enormously proud of our organization and pleased with the results of the quarter," said Korn/Ferry CEO Gary D. Burnison. “We have outperformed a seemingly directionless economy.”
Fee revenue improved globally due to higher demand in all business segments, including a 43% increase in the number of executive recruitment engagements billed.