Huron Consulting Group Inc. (NASDAQ: HURN), a leading provider of business consulting services, today announced preliminary unaudited financial results for the full year ended December 31, 2013.
Based on preliminary unaudited financial results, the Company expects full year 2013 revenues before reimbursable expenses in a range of $718.0 million to $720.5 million, operating income in a range of $118.0 million to $120.0 million, and diluted earnings per share from continuing operations of $2.88 to $2.92. The Company also expects adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) (1), a non-GAAP measure, in a range of $136.5 million to $138.5 million, and non-GAAP adjusted diluted earnings per share (1) in a range of $2.92 to $2.96.
The preliminary unaudited results significantly exceeded the high end of the Company’s guidance primarily as a result of higher than expected performance-based fees in the Huron Healthcare segment. The increased performance-based fees, net of employee bonuses attributable to these higher revenues, accounted for a significant amount of the earnings in excess of the high end of the guidance range. In addition, the Company’s preliminary unaudited results benefited from a lower projected effective income tax rate, which is now anticipated to be approximately 41.5% to 42.0%.
“We are pleased with the strong ending to 2013,” said James H. Roth, chief executive officer and president, Huron Consulting Group. “The strength of our business and our underlying financial performance reflect an increasing sense of urgency among our client base to improve operationally and to become better positioned strategically. We are encouraged by solid demand across all of our business segments.”“Fourth quarter performance-based fees were realized at levels higher than we had anticipated,” said Roth. “The results reflect the substantial value that our professionals deliver to our clients. Higher than expected performance-based fees occur only when we exceed client commitments. We are proud to be working with some of the best hospitals and academic medical centers in the country as we help them address a tenuous strategic and operational environment.”