FTI Consulting posted an 11.8 percent drop in Q3 revenues to $52.9M compared to the year-earlier record-setting performance as the COVID-19 pandemic hit its corporate reputation, M&A activity and large-scale project work. Adjusted EBITDA fell 33.3 percent to $8.4M
Mark McCall, global leader of the strategic communications business, told O’Dwyer’s that he’s proud of how his team mobilized to help clients deal with the economic uncertainty during the COVID crisis.
“We are managing for the long-term, hiring people and building capacity in areas such as PA and in the highly-regulated industry sector,” he said. "We are positioning for the economic rebound in 2021 and 2022."
FTI’s stratcom headcount jumped 6.5 percent to 766 from a year ago.
For the nine-month period, stratcom revenues tumbled 4.8 percent to $168.2M and EBITDA plummeted 21.4 percent to $34.7M.
Overall, FTI Steve Gunby reported a 4.9 percent jump in revenues to $622.2M. Net income declined 16.9 percent to $50.2M.
FTI took a charge of $7.1M during the quarter, of which $4.7M was for lease abandonment and relocation costs related to New York City office consolidation.