This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Huron Consulting Group Announces First Quarter 2014 Financial Results

Huron Consulting Group Inc. (NASDAQ: HURN), a leading provider of business consulting services, today announced financial results for the first quarter ended March 31, 2014.

“Our clients continue to face a complex and uncertain environment, both strategically and operationally. Our ability to provide value to clients as they navigate these challenges is reflected in another strong quarter,” said James H. Roth, chief executive officer and president, Huron Consulting Group. “We are pleased with our first quarter results highlighted by the strength of our Huron Healthcare and Huron Legal segments, and we see opportunities for continued growth across all of our businesses.”

First Quarter 2014 Results

Revenues for the first quarter of 2014 were $210.7 million, an increase of 28.5% compared to $164.0 million for the first quarter of 2013. The Company's first quarter 2014 operating income was $41.8 million, compared to $21.3 million in the first quarter of 2013. Net income from continuing operations was $34.1 million, or $1.48 per diluted share, for the first quarter of 2014 compared to $11.4 million, or $0.51 per diluted share, for the same period last year. Included in first quarter 2014 results is a one-time tax benefit of $10.2 million, or $0.44 per diluted share, resulting from the Company’s “check-the-box” election to treat one of its wholly-owned foreign subsidiaries as a disregarded entity for U.S. federal income tax purposes during the quarter just ended.

First quarter 2014 earnings before interest, taxes, depreciation and amortization ("EBITDA") (5) was $49.0 million, or 23.2% of revenues, compared to $26.8 million, or 16.3% of revenues, in the comparable quarter last year.

In addition to using EBITDA to evaluate the Company’s financial performance, management uses non-GAAP financial measures, which exclude the effect of the following items (in thousands):

  Three Months Ended
March 31,
2014   2013
Amortization of intangible assets $ 2,518 $ 1,456
Restructuring charges $ 129 $
Litigation settlement gain $ $ (1,150 )
Tax effect $ (1,059 ) $ (122 )
Net tax benefit related to “check-the-box” election $ (10,244 ) $
 

Adjusted EBITDA (5) was $49.1 million, or 23.3% of revenues, in the first quarter of 2014, compared to $25.6 million, or 15.6% of revenues, in the comparable quarter last year. Adjusted net income (5) from continuing operations was $25.5 million, or $1.10 per diluted share, for the first quarter of 2014 compared to $11.6 million, or $0.51 per diluted share, for the comparable period in 2013.

The average number of full-time billable consultants (1) increased 14.5% to 1,719 in the first quarter of 2014 compared to 1,501 in the same quarter last year. Full-time billable consultant utilization rate (2) was 74.1% during the first quarter of 2014 compared with 77.9% during the same period last year. Average billing rate per hour for full-time billable consultants (3) was $251 for the first quarter of 2014 compared to $212 for the first quarter of 2013. The average number of full-time equivalent professionals (4) increased 27.4% to 1,511 in the first quarter of 2014 compared to 1,186 for the comparable period in 2013.

Operating Segments

Huron’s results reflect a portfolio of service offerings focused on helping clients address complex business challenges.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs