FTI Consulting reported strategic communications revenues slid 18.6% to $43.4M in the second quarter as the decline in oil prices cut into energy revenues in the sector.
Overall, the business consulting company posted a 1.1% decline on revenues of $449.1M for Q2 as currency changes bogged down a 2% uptick in revenue. Forensic and litigation consulting led the way with a 5.9% increase to $126.1M, followed by corporate finance/restructuring (+4.9% to $109.1M) and economic consulting (+7.3% to $108.7M).
"There's obviously a lot of work to do," said president and CEO Steven Gunby.
CFO David Johnson pointed out that FTI's North American strategic communications business has a large energy practice and was hurt by client reactions to low oil prices, weakening demand for FTI services.
"I know that many of you have expected significantly higher revenues in [strategic communications]," he said in a conference call. "In our view this is not a miss. We are transitioning to a higher margin model in this segment and we have consciously sought to eliminate less-profitable revenue." He called the revenue slide "small and in-line with expectations," noting currency changes and pass-through revenues had a significant impact on revenues.
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