Hewitt Associates 4Q Profit More Than Doubles

LINCOLNSHIRE, Ill. (AP) — Human resources consulting and outsourcing company Hewitt Associates Inc. said Tuesday its fiscal fourth-quarter profit more than doubled on lower operating costs.

It also offered earnings guidance above Wall Street's estimates for the current fiscal year.

"While we are seeing some positive signs in terms of customer demand, our guidance is not dependent on a meaningful recovery," said Russ Fradin, chairman and chief executive.

Profit for the quarter ended Sept. 30 rose to $64.4 million, or 68 cents per share, from $31.6 million, or 32 cents per share, a year ago.

Revenue declined 6 percent to $774 million from $824.5 million a year ago.

Analysts polled by Thomson Reuters expected 63 cents per share and lower revenue of $754 million.

Operating expenses declined 13 percent to $668.2 million. Performance-based compensation declined, as well.

Profit for the fiscal year rose 41 percent to $265.1 million, or $2.78 per share, from $188.1 million, or $1.85 per share, last year.

Revenue declined 5 percent to $3.07 billion from $3.23 billion.

For fiscal 2010, the company expects earnings between $2.85 and $2.95. Analysts expect $2.84 in earnings per share.