NEW YORK: FTI Consulting’s strategic communications business reported a 5.1% year-over-year increase in revenue in the third quarter to $48.2 million.
FTI said in its earnings statement that the revenue growth was "primarily driven by an increase in retainer-based revenues, which was partially offset by lower pass-through revenues."
As a whole, FTI reported a revenue increase of 2.5% in the quarter to $449 million. Operating income was up 34% year-over-year to $47.1 million, and net income increased 48% to $32.2 million.
The firm saw mixed results among its other business segments. Corporate finance and restructuring reported a 15.8% year-over-year jump in revenue to $128.1 million. Technology dropped 4.1% to $42.3 million. Forensic and litigation consulting’s revenue increased 3.1% to $118.6 million, while economic consulting was down 8.8% to $111.8 million.
FTI also slightly revised its full-year 2017 guidance to between $1.775 billion and $1.8 billion, compared with the previous range of $1.775 billion to $1.875 billion.
After a second quarter in which strategic communications revenue fell 7.4%, FTI said in September that the unit’s CEO, Ed Reilly, would step down from his role but remain with the company. Mark McCall, head of strategic comms in the Americas, COO, and senior MD, was named as his replacement.
FTI laid off 4% of its global workforce this year.