FTI Consulting Introduces Full-Year 2014 Guidance and Medium-Term Growth
Targets at Investor Day
WASHINGTON, June 16, 2014
WASHINGTON, June 16, 2014 /PRNewswire/ --FTI Consulting, Inc. (NYSE: FCN),
the global business advisory firm dedicated to helping organizations protect
and enhance their enterprise value, today announced in conjunction with its
Investor Day, that the Company is providing updated financial guidance for the
second quarter of 2014 and introducing financial guidance for the full year of
2014 as follows:
oThe Company updates its prior guidance for the second quarter of 2014 and
now estimates that revenues will be between $445.0 million and $450.0
million and that Adjusted Earnings per diluted Share ("Adjusted EPS") will
be between $0.49 and $0.55 for the quarter.
oThe Company estimates that revenues for the full year of 2014 will be
between $1.73 billion and $1.77 billion and Adjusted EPS will be between
$1.55 and $1.70. This Adjusted EPS range reflects management's uncertainty
that the strong first-half 2014 operating results experienced by the
Forensic and Litigation Consulting and Technology segments can be
sustained in the second half of 2014, as well as anticipated expenditures
and investments in the Company's businesses during the second half of 2014
in connection with its multi-year business plan.
The Company will also introduce its medium-term growth targets, announcing its
objective to achieve Adjusted EPS for the full-years 2015 and 2016 of between
$1.75 and $2.10 for 2015, and of not less than $2.50 for 2016.
Each of the 2014 guidance and the 2015 and 2016 medium-term growth targets
assume no impacts from the acquisition of businesses or the repurchase of the
Company's shares. Adjusted EPS is a non-GAAP financial measure, as discussed
Commenting on the Company's medium-term outlook, Steven H. Gunby, President
and Chief Executive Officer of FTI Consulting said, "I, together with the rest
of the FTI Consulting management team, have engaged in a multi-month review of
each of our business segments and of our overall operations and strategies.We
have assessed both the strong opportunities in front of us and the challenges
we face and have developed concrete plans to implement changes across the
Company.These are designed to build upon the power of our business and the
excellence of our professionals in order to enhance our trajectory for the
future. We have people with passion and commitment owning each of these
changes with accountability and discipline, which gives us great confidence in
our medium-term prospects.This process will take time to implement and likely
will not yield noticeable, positive results in the short-term, but I am
confident that our efforts will put us on a positive path for all of our
clients, employees, shareholders and other stakeholders."
As previously announced, FTI Consulting will host its Investor Day today, June
16, 2014 at the New York Stock Exchange. The event, which is open to investors
and analysts, will begin at 12:00 p.m. Eastern Time and conclude at
approximately 4:00 p.m. Eastern Time.
FTI Consulting will post the presentation materials in advance of the Investor
Day presentations on FTI Consulting's Investor Day website at
www.fticonsulting.com/investor-day and will file the presentation materials
with the SEC on a Current Report on Form 8-K on the Investor Day. A webcast of
the Investor Day will start promptly at 12:00 p.m. Eastern Time and will be
available at www.fticonsulting.com/investor-day. A replay of the webcast,
along with the presentation materials, will be made available at the same
website for 30 days.
About FTI Consulting
FTI Consulting, Inc. is a global business advisory firm dedicated to helping
organizations protect and enhance enterprise value in an increasingly complex
legal, regulatory and economic environment. With more than 4,200 employees
located in 26 countries, FTI Consulting professionals work closely with
clients to anticipate, illuminate and overcome complex business challenges in
areas such as investigations, litigation, mergers and acquisitions, regulatory
issues, reputation management, strategic communications and restructuring. The
Company generated $1.65 billion in revenues during fiscal year 2013. More
information can be found at www.fticonsulting.com.
Note: We define Adjusted Earnings per Diluted Share ("Adjusted EPS") as
earnings per diluted share, excluding the impact of remeasurement of
acquisition-related contingent consideration, special charges, goodwill
impairment charges and losses on early extinguishment of debt. Management uses
Adjusted EPS to assess total Company operating performance on a consistent
basis. We believe that this measure, when considered together with our GAAP
financial results, provides management and investors with a more complete
understanding of our business operating results, including underlying trends,
by excluding the effects of remeasurement of acquisition-related contingent
consideration, special charges, goodwill impairment charges and losses on
early extinguishment of debt. Non-GAAP financial measures are not defined in
the same manner by all companies and may not be comparable to other similarly
titled measures of other companies. Non-GAAP financial measures should be
considered in addition to, but not as a substitute for or superior to, the
information contained in our Consolidated Statements of Comprehensive Income.
Safe Harbor Statement
This press release includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, which involve uncertainties and
risks. Forward-looking statements include statements concerning our plans,
objectives, goals, strategies, future events, future revenues, future results
and performance, expectations, plans or intentions relating to acquisitions
and other matters, business trends and other information that is not
historical, including statements regarding estimates of our 2014 financial
results, our medium-term growth targets or other future financial results.
When used in this press release, words such as "anticipates," "estimates,"
"expects," "goals," "intends," "believes," "forecasts" "targets," "objectives"
and variations of such words or similar expressions are intended to identify
forward-looking statements. All forward-looking statements, including, without
limitation, estimates of our 2014 financial results, our medium-term growth
targets or other future financial results, are based upon our expectations at
the time we make them and various assumptions. Our medium-term growth targets
do not represent forecasted future results or financial guidance; rather, they
reflect our medium-term growth objectives, developed on the basis of a
comprehensive review of our businesses and reflecting our plans for the
future. Our expectations, beliefs, projections and growth targets are
expressed in good faith, and we believe there is a reasonable basis for them.
However, there can be no assurance that management's expectations, beliefs,
estimates or growth targets will be achieved, and the Company's actual results
may differ materially from our expectations, beliefs, estimates and growth
targets. The Company has experienced fluctuating revenues, operating income
and cash flow in prior periods and expects that this will occur from time to
time in the future. Other factors that could cause such differences include
declines in demand for, or changes in, the mix of services and products that
we offer, the mix of the geographic locations where our clients are located or
where services are performed, adverse financial, real estate or other market
and general economic conditions, which could impact each of our segments
differently, the pace and timing of the consummation and integration of past
and future acquisitions, the Company's ability to realize cost savings and
efficiencies, competitive and general economic conditions, retention of staff
and clients and other risks described under the heading "Item 1A Risk Factors"
in the Company's most recent Form 10-K filed with the SEC and in the Company's
other filings with the SEC, including the risks set forth under "Risks Related
to Our Reportable Segments" and "Risks Related to Our Operations". We are
under no duty to update any of the forward looking statements to conform such
statements to actual results or events and do not intend to do so.
FTI Consulting, Inc.
1101 K Street NW
Washington, DC 20005
SOURCE FTI Consulting, Inc.
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