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Dec. 8, 2021, 7:27 a.m. EST

Korn Ferry stock climbs after earnings beat and profit outlook that is well above expectations

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By Tomi Kilgore

SPX

Shares of Korn Ferry rose 0.8% in premarket trading Wednesday, after the staffing services company reported fiscal second-quarter profit and revenue that rose above expectations, and provided guidance for the current quarter that was well above current forecasts. Net income for the quarter to Oct. 31 rose to a quarterly record $75.8 million, or $1.38 a share, from $27.8 million, or 51 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $1.53, above the FactSet EPS consensus of $1.37. Revenue grew 47.0% to $643.4 million, beating the FactSet consensus of $604.7 million, with fee revenue reaching a quarterly record of $639.4 million due to record levels of new business. For the fiscal third quarter, the company expects EPS of $1.38 to $1.56, compared with the FactSet consensus of $1.10, and expects fee revenue to reach another record of $640 million to $660 million. The stock has soared 73.0% year to date through Tuesday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.28% has gained 24.8%.

/zigman2/quotes/210599714/realtime
US : S&P US
4,410.13
+12.19 +0.28%
Volume: 3.89B
Jan. 24, 2022 5:04p
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