Diana Marszalek 30 Oct 2017 // 3:37AM GMT
WASHINGTON DC – On the heels of a bleak second quarter, FTI Consulting Thursday reported Q3 2017 revenues rising 2.5% to $449 million, largely fueled by a 15.8% lift in the group’s corporate finance and restructuring division.
FTI’s strategic communications segment, which accounts for 10.7% of the company’s total revenues, saw revenues rise to $48.2 million during the three months ending Sept 30, a 5.1% rise from Q3 2016, the company reported.
The increase in revenues was primarily driven by an increase in retainer-based revenues, which was partially offset by lower pass-through revenues, FTI said.
The segment’s Q3 2017 revenues are 4.1% higher than the $46.2 million reported for the second quarter of this year.
FTI reported the adjusted segment EBITDA was $8.1 million, or 16.8% of segment revenues, versus $7.5 million, or 16.4% of segment revenues, the prior year. The quarter’s adjusted segment EBITDA was up 65% from the $4.9 million, or 10.5% of segment revenues, reported for the second quarter of this year.
Thursday’s earnings report was the first from the company since a spate of executive departures in the communications segment, the most recent of which occurred in September when segment CEO Ed Reilly stepped down from the role. The firm has responded by promoting Mark McCall, who had been the segment’s COO and head of America, to global segment leader.
In July, Holmes Report reported that Gulf head John Hobday, Asia-Pacific lead Paul Marriott and veteran exec Jon Aarons would all be leaving their jobs this year.