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View All NewsIncrease in Korn Ferry’s fiscal Q3 driven by Hay Group
Korn Ferry International Inc. (NYSE: KFY) reported total fee revenue rose 11.0% in its fiscal third quarter ended Jan. 31. It was primarily driven by a 25% increase at Hay Group, which Korn Ferry acquired in December 2015. The increase was 13.3% in constant currency.
Revenue at Korn Ferry’s Futurestep division also rose 9.1%.
| (US$ thousands) | Q3 2017 | Q3 2016 | % growth |
| Fee revenue | $381,918 | $344,158 | 11.0% |
| Net income/loss | $24,378 | -$15,995 | nm |
Fee revenue by segment and geography
| (US$ thousands) | Q3 2017 | Q3 2016 | % growth |
| Executive search | |||
| North America | $84,827 | $93,520 | -9.3% |
| Europe, the Middle East, Africa | $39,147 | $35,498 | 10.3% |
| Asia Pacific | $21,012 | $19,094 | 10.0% |
| Latin America | $7,835 | $6,541 | 19.8% |
| Total executive search | $152,821 | $154,653 | -1.2% |
| Hay Group | $175,662 | $140,508 | 25.0% |
| Futurestep | $53,435 | $48,997 | 9.1% |
Quote
“Fee revenue growth in the third quarter was strongest for EMEA in Asia-Pac executive search which grew 20% and 11% respectively,” CFO Bob Rozek said in a conference call with analysts. “Futurestep also continued to grow in the third quarter with $53.4 million fee revenue which is up about 12% at constant currency.”
Share price and market cap
Shares in Korn Ferry edged up 0.62% to $31.03 in early afternoon trading today and the company had a market cap of $1.78 billion, according to Yahoo!