FTI Consulting swings back to profit in fourth quarter

MarketsAssociated Press

WASHINGTON (AP) — FTI Consulting Inc. (FCN) on Thursday reported fourth-quarter net income of $921,000, after reporting a loss in the same period a year earlier.

On a per-share basis, the Washington-based company said it had net income of 2 cents. Earnings, adjusted for one-time gains and costs, were 4 cents per share.

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The business advisory firm posted revenue of $425.2 million in the period.

For the year, the company reported net income of $58.8 million, or $1.44 per share, swinging to a profit in the period. Adjusted for one-time items, earnings totaled $1.64 per share. Revenue was reported as $1.76 billion.

FTI had forecast fiscal 2014 adjusted earnings per share of $1.85 to $2 on revenue of nearly $1.76 billion to $1.77 billion but earlier this month cut that outlook to adjusted earnings of $1.60 to $1.64 per share on revenue of $1.75 billion to $1.76 billion. The company cited lower-than-expected revenue in its economic consulting segment and unexpected year-end expenses such as setting aside a reserve on deferred tax assets related to its Austrian business.

FTI Consulting expects full-year earnings in the range of $1.95 to $2.20 per share, with revenue in the range of $1.8 billion to $1.9 billion.

FTI Consulting shares have dropped nearly 4 percent since the beginning of the year. The stock has climbed slightly more than 1 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FCN at http://www.zacks.com/ap/FCN

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Keywords: FTI Consulting, Earnings Report