Korn Ferry (NYSE:KFY) watched its stock price soar Monday on the release of second-quarter financial figures.
The Los Angeles-based company, a global organizational consulting firm, announced second quarter fee revenue of $435.4 million. Second quarter diluted earnings per share was $0.51 and adjusted diluted earnings per share was $0.54 .Adjusted diluted earnings per share for the second quarter excludes an aggregate of $1.7 million, net of tax or $0.03 per share, of restructuring charges, net, due to the coronavirus pandemic.
"During the recently completed second quarter, I'm pleased that Korn Ferry's revenue was up 27% sequentially to $435 million. We had a sharp improvement in earnings and profitability with net income attributable to Korn Ferry of $28 million with an operating margin of 11.1% and $66 million of adjusted EBITDA and a 15.2% adjusted EBITDA margin," said CEO Gary D. Burnison.
Actions taken by various government and other authoritative bodies in response to the COVID-19 caused a contraction in economic activity which translated into the decrease in fee revenue compared to the year-ago quarter.
This decline in fee revenue was partially offset by savings associated with actions taken to align our cost structure with the lower level of business demand, and resulted in a net income attributable to Korn Ferry of $27.8 million in Q2 FY'21 as compared to net income attributable to Korn Ferry of $42.8 million in Q2 FY'20.
KFY shares hiked $2.97, or 7.8%, to $41.22.
