FTI Consulting today reported a 3.8 percent dip in revenues during 2016’s third quarter to $438 million, compared to $455 million during the same period last year.
Faring worse was FTI Consulting’s Strategic Communications unit, where revenues fell 17.7 percent, or $9.9 million, to $45.8 million compared to last year’s $55.7 million. It’s a stark contrast to activity seen in the second quarter, where Strategic Communications revenue jumped 15 percent in Q2 to $49.9 million, as well as the year’s first quarter, where FTI’s communications revenue ticked up 7.1 percent to $45.1 million. The consulting company attributed the Q3 dip primarily to $8.5 million in lower pass-through revenues compared to 2015’s Q3.
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Operating income at the Washington-based corporate services company was similarly down in the quarter to $35 million, compared to $46 million during 2015’s Q3. Operating income for the nine months of the year ending Sept. 30 was $131.4 million, compared to 2015’s $141 million.
On the other hand, net income skyrocketed in Q3 to $21.7 million, a 110 percent leap from 2015’s Q3 net income of $10.3 million. Net income for the year was $78.4 million, compared to 2015’s $56 million.
FTI president and CEO Steven Gunby in an earnings statement said the global advisory firm is “pleased with the ongoing progress our businesses are making towards becoming, on a multi-year basis, real engines for growth. During the third quarter, our billable headcount grew 3.9 percent from the second quarter of 2016 as we continue to attract the best professionals across the globe and extend our offerings into new adjacencies and geographies.”
FTI Consulting, along with advisory firm Brunswick Group, led global M&A PR advisors for the first half of the year, according to an August report by financial analysis media company MergerMarket.
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