Huron Consulting Group (NASDAQ: HURN) reported Q2 EPS of $0.68, $0.50 better than the analyst estimate of $0.18. Revenue for the quarter came in at $217.9 million versus the consensus estimate of $190.76 million.

SECOND QUARTER 2020 HIGHLIGHTS

• Revenues were $217.9 million in Q2 2020 compared to $220.8 million in Q2 2019.
• Net income from continuing operations increased $3.0 million, or 28.4%, to $13.6 million in Q2 2020 from $10.6 million in Q2 2019.
• Adjusted EBITDA(7), a non-GAAP measure, was $27.5 million in Q2 2020 compared to $29.2 million in Q2 2019.
• Diluted earnings per share from continuing operations increased $0.14, or 29.8%, to $0.61 in Q2 2020 from $0.47 in Q2 2019.
• Adjusted diluted earnings per share from continuing operations(7), a non-GAAP measure, was $0.68 in Q2 2020 compared to $0.76 in Q2 2019.
• Huron repaid $120.0 million of outstanding borrowings on the company's revolving credit facility during Q2 2020, reflecting strong cash flows during the quarter.

“Second quarter revenues declined 1% over the prior year period, driven by weakness in the Healthcare business that was partially offset by solid growth in the Business Advisory and Education segments,” said James H. Roth, chief executive officer of Huron. “Our second quarter results were better than we had anticipated as our teams rose to the challenge of remote delivery and developed innovative solutions to support our clients in this period of heightened disruption. We remain cautious about the second half of the year given the significant impact of the ongoing pandemic on our clients, particularly those in the healthcare and education industries.”

“Health systems and universities are faced with the need to evolve their business models to respond to the significant uncertainty stemming from this new environment. This change is dramatic, and while it causes less visibility for our business in the short term, we believe these issues will drive increased demand for our services in the long term,” added Roth.

GUIDANCE:

Huron Consulting Group sees FY2020 EPS of $1.50-$1.80, versus the consensus of $1.26. Huron Consulting Group sees FY2020 revenue of $820-860 million, versus the consensus of $815.09 million.

For earnings history and earnings-related data on Huron Consulting Group (HURN) click here.