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CTPartners Executive Search Inc. (NYSE MKT:CTP), a leading global executive search firm, today commented on its expected financial results for the second quarter ended June 30, 2012 and its outlook for the full year 2012.
On a preliminary basis, CTPartners expects to report diluted earnings per share of $0.07 on approximately $33.5 million to $34 million in revenue for the second quarter 2012 compared with the previously issued guidance of $0.01 to $0.06 in diluted earnings per share and $31 million to $33 million in revenue, respectively. The better than expected earnings per share results are due to slightly higher revenue and the operating leverage in the Company’s business model.
“Despite the ongoing challenges facing the executive recruitment industry, we are pleased that our expected financial results for the second quarter will exceed our prior expectations,” said Brian Sullivan, CEO. “We believe this demonstrates the scale of our global operations and reflects our ability to develop new client relationships while preserving our existing client base.”
In looking at expected financial results for the full year 2012, the Company narrowed its full year revenue guidance to $128 million to $132 million and introduced diluted earnings per share guidance of $0.15 to $0.30. The ongoing softness in Europe has negatively impacted our overall tax rate, which has been accounted for in the earnings per share guidance. Operating margin for the year is expected to be in the range of 2% to 3.5% compared with previous guidance of 4% to 6% due to ongoing investments designed to maximize profitability longer term.
Mr. Sullivan added, “We are confident that the initiatives we have taken to attract and retain top quality consultants extend to new geographic markets in Latin America, France and Germany, and expand into high growth practices that will enhance our operating margin and improve profitability in 2013 and beyond.”