CRA Reports Record Revenue of $167.7 Million in Q3 2024
Charles River Associates Announce Q3 2024 Financial Results
Charles River Associates (NASDAQ: CRAI), a leading organization in economic, financial and management consulting services, recently revealed their financial results for the third quarter of 2024. They have reported a remarkable revenue figure of $167.7 million, illustrating a robust year-over-year growth of 13.7%. This growth marks the highest third-quarter revenue in the firm's history, showcasing the company’s strong market position.
Strong Performance Boosting Revenue
According to Paul Maleh, the President and CEO of CRA, the company experienced solid momentum throughout the quarter, driven by an increasing demand for its services. Maleh commented, "Our performance was broad based, with seven of our eleven practices reporting revenue growth year over year." Particularly noteworthy was the performance of several key practices, including Antitrust & Competition Economics, Energy, Financial Economics, Intellectual Property, and Risk, Investigations & Analytics, each of which saw an impressive growth rate exceeding 10%.
Revenue Highlights
The breakdown of CRA's financial performance reveals:
- Revenue for this quarter was $167.7 million, a significant increase from the previous year.
- Utilization rate stood at 76%, while the headcount saw a reduction of 3.6% year over year.
- Net income reached $11.4 million, which translates to 6.8% of revenue, in comparison to $8.6 million or 5.8% the previous year.
- Non-GAAP net income rose by 51.0% year-over-year, amounting to $12.1 million, equating to 7.2% of revenue.
- Earnings per diluted share increased by 38.0%, reaching $1.67, up from $1.21 last year.
- Non-GAAP EBITDA surged by 54.8% to $21.3 million, or 12.7% of revenue.
Strategic Focus and Future Guidance
CRA successfully generated total revenue of $509.4 million through the first three quarters of fiscal 2024. The company reiterated its strong guidance for the fiscal year, anticipating total revenues in the range of $670 million to $685 million. Reflecting confidence in maintaining its competitive position, CRA has also raised its quarterly cash dividend by 17%. Nonetheless, the company remains vigilant about potential macroeconomic challenges that could impact their operations.
Quarterly Dividend Declaration
Recently, CRA declared an increase in its quarterly cash dividend from $0.42 to $0.49 per common share, effective for shareholders as of the end of November 2024. This move underlines the firm’s dedication to returning value to its shareholders while also bolstering its operational growth.
Conference Call and Investor Engagement
CRA hosted a conference call to discuss these results, inviting investors and analysts to engage in discussions around the quarterly performance. For those interested in further information, prepared remarks and additional financial details are available on CRA's Investor Relations page.
About Charles River Associates (CRA)
Founded in 1965, Charles River Associates is a renowned global consulting firm specializing in providing expert insight into economic and financial matters. The firm assists clients with complex challenges related to litigation and regulatory issues, as well as offering strategic guidance to enhance their business performance. CRA operates from Boston and maintains offices worldwide.
Frequently Asked Questions
What is the recent revenue reported by Charles River Associates?
CRA reported a record revenue of $167.7 million for the third quarter of 2024.
How much has CRA increased its quarterly dividend?
CRA announced a 17% increase in its quarterly cash dividend, raising it from $0.42 to $0.49 per share.
Who is the CEO of Charles River Associates?
Paul Maleh serves as the President and CEO of Charles River Associates.
What is the percentage growth of CRA's net income year over year?
CRA's net income increased by 33.1% year over year, totaling $11.4 million.
What strategies is CRA implementing to maintain its growth?
CRA focuses on managing its operations efficiently, ensuring broad-based growth across its practices while responding to market demands.
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