Navigant Consulting (NCI) Reports Q2 EPS of $0.49

Navigant Consulting (NYSE: NCI) reported Q2 EPS of $0.49, versus $0.32 reported last year. Revenue for the quarter came in at $275.7 million versus the consensus estimate of $236.09 million.

Second quarter 2018 highlights:

• Combined revenues and revenues before reimbursements (RBR), which includes results from continuing and discontinued operations, were $275.7 and $252.4 million, respectively, both up 7% compared to second quarter 2017; revenues and RBR from continuing operations were $184.7 million and $165.2 million, respectively, up 4% and 3% compared to the prior year period
• Net income (Combined) was $28.8 million, or $0.62 per share, compared to $8.8 million, or $0.18 per share, for second quarter 2017; net income from continuing operations of $6.1 million, or $0.13 per share, was up $3.5 million from the prior year period
• Combined Adjusted Earnings per Share (EPS) of $0.49 increased $0.25 compared to second quarter 2017; Adjusted EPS from continuing operations was $0.17, up $0.09 compared to the prior year period
• Management provides 2018 financial guidance targets from continuing operations, as well as a preliminary view of 2019 performance, both of which reflect the pending divestiture of the Disputes, Forensics and Legal Technology (DFLT) segment and the Transaction Advisory Services (TAS) practice (collectively “SaleCo”, which comprises discontinued operations) to Ankura Consulting Group, LLC (Ankura)

“Our strong second quarter operating results reflect continued robust demand for consulting services across many areas of our business,” said Julie Howard, chairman and CEO of Navigant. “In the quarter, our Energy and FSAC segments produced solid year-over-year RBR improvements which more than offset continued softness in some parts of our Healthcare segment. The quarter also benefitted from positive results in our legacy DFLT and TAS practices, which, with the pending divestiture of these businesses, have been classified as discontinued operations in our results.”

Howard continued, “With a successful first half of 2018 behind us, including some significant strategic milestones, we look forward to moving into the second half of the year and 2019 with a sharp focus on continued execution of our key strategic initiatives. These include ensuring a smooth transition of SaleCo to Ankura, executing on our target of up to $175 million of capital return to shareholders over the next 12 months, rightsizing our G&A spend to better align with our new organizational footprint and continuing pursuit of organic and inorganic growth opportunities to augment our industry expertise and technological capabilities. We expect that continued successful execution will produce strong, long-term value for shareholders as we write the next chapter for Navigant.”

GUIDANCE:

Navigant Consulting sees FY2018 EPS of $0.40-$0.50, versus the consensus of $1.30. Navigant Consulting sees FY2018 revenue of $740-765 million, versus the consensus of $934.68 million.

For earnings history and earnings-related data on Navigant Consulting (NCI) click here.

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