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FTI Consulting, Inc. (NYSE: FCN) is a leading global business advisory firm committed to helping organizations manage change, mitigate risk, and resolve disputes. Headquartered in Washington, D.C., FTI Consulting operates with more than 8,000 professionals in 31 countries, delivering expert services across various domains.
The firm segments its operations into five critical areas:
- Corporate Finance and Restructuring: Specializes in business transformation, strategy, and restructuring services, providing solutions for optimal financial performance.
- Forensic and Litigation Consulting: Offers expertise in investigations, dispute resolution, and forensic accounting to support clients facing legal complexities.
- Economic Consulting: Delivers strategic consulting on economic issues, antitrust matters, and financial economics, aiding clients in navigating complex regulatory environments.
- Technology: Focuses on M&A-related services, litigation support, and leveraging digital tools to streamline business processes and enhance decision-making.
- Strategic Communications: Provides services in public affairs, corporate reputation management, and communication strategies to mitigate risks and strengthen client relations.
FTI Consulting serves a diverse clientele, including sectors like construction, energy, environmental, healthcare, insurance, real estate, retail, telecom, media, and technology. The majority of its revenue is generated within the United States, with the Corporate Finance segment being the largest contributor.
In recent developments, FTI Consulting has expanded its global aviation offering with the appointment of Frank Martin, enhancing their capability to navigate aviation sector challenges. The firm also focuses on digital transformation, highlighted by the appointment of Shubho Ghosh to bolster their Business Transformation practice, aiding clients in developing and implementing digital strategies for revenue growth and operational efficiency.
Financially, FTI Consulting reported a revenue increase to $3.49 billion for the year 2023, reflecting a 15.2% rise from the previous year, attributed to higher demand across all segments. The firm maintains a robust financial position with net income of $274.9 million and a steady cash flow, underpinned by strategic investments in talent and digital transformation initiatives.
FTI Consulting's commitment to delivering value extends to its private equity services, led by Jiva J. Jagtap, focusing on value creation and post-transaction strategies. The firm is also proactive in cybersecurity, addressing communication gaps between CISOs and the C-suite to enhance organizational resilience against evolving cyber threats.
For more information, visit www.fticonsulting.com or contact their investor relations team.
FTI Consulting released findings from its annual survey of corporate legal departments, revealing that 79% of chief legal officers are facing increased risk and demand, up from 60% last year. The study identified significant pressures across areas such as ESG, regulatory compliance, and data privacy. Notably, 40% of respondents cited regulatory changes and geopolitical uncertainty as major risks. Additionally, concerns over AI and emerging data sources are rising, with many feeling unprepared to address these challenges. The report aims to aid legal departments in navigating these complex issues.
FTI Consulting (NYSE: FCN) announced a $400 million increase in its stock repurchase program, bringing total authorization to $501 million. As of November 30, 2022, approximately 11.3 million shares had been repurchased at an average price of $70.93, costing around $799 million. The company has no set timeline for the program's completion, which may be adjusted or halted as deemed necessary by management. This strategic move aims to enhance shareholder value while providing flexibility in execution based on market conditions.
FTI Consulting launches its Technology segment in Switzerland, enhancing its footprint in the DACH region. Appointing investigations expert Jerry Lay as Senior Managing Director, the firm aims to capitalize on opportunities in data governance and compliance amid rising regulatory pressures. Lay brings over 15 years of experience and will collaborate with local leaders to support clients in technology, finance, and other sectors. Additionally, FTI Technology expands its partnership with Relativity to enhance cloud-based e-discovery solutions in Switzerland.
FTI Consulting reported third quarter 2022 revenues of $775.9 million, marking a 10.5% year-over-year increase. Excluding foreign currency impacts, revenues rose by 14.8%. EPS also increased to $2.15, up 9.7% from $1.96 in the previous year.
The firm narrowed its full-year 2022 revenue guidance to between $2.965 billion and $3.025 billion and EPS to $6.40 to $6.80. Cash provided by operations declined to $128.3 million compared to $196.9 million in Q3 2021.
FTI Consulting (NYSE: FCN) announced an expansion of its legal department transformation solutions within the consulting sector. The enhancements focus on critical areas such as business strategy alignment, legal technology adoption, and spend management. As legal operations grow in importance, the firm aims to help corporate legal departments overcome challenges like outdated technologies and process improvements. A recent study revealed 44% of legal departments need to upgrade core technologies, with 60% citing business process enhancements as their leading challenge.
FTI Consulting (NYSE: FCN) is enhancing its Corporate Finance & Restructuring segment in EMEA with the addition of three Senior Managing Directors: Connie Chan, Emma Donnelly, and Raphaël Miolane. Chan brings over 20 years of transformation expertise, Miolane has extensive experience in the retail and food sectors, and Donnelly specializes in transfer pricing. These appointments aim to strengthen FTI's Business Transformation and Tax practices, reflecting ongoing investment in talent to meet client demands and market needs.
FTI Consulting, Inc. (NYSE: FCN) announced the resignation of Nicole S. Jones from the Board of Directors effective October 14, 2022. Ms. Jones stepped down due to scheduling conflicts arising from her role as Executive Vice President and General Counsel at Cigna Corporation. Her departure was not linked to any disagreements with the company or its management. Following her resignation, the Board's size decreased from ten to nine members. Ms. Jones served as a director since March 2022, and the company expressed gratitude for her contributions during her tenure.
FTI Consulting (NYSE: FCN) has appointed Susan Hartman as Senior Managing Director within its Risk and Investigations practice, part of the Forensic and Litigation Consulting segment. With over 20 years of experience in finance and accounting, Hartman will focus on financial forensic investigations. Her previous roles include partner at BVA Group and Director at AlixPartners. This appointment aims to enhance FTI's forensic accounting and investigative services, addressing the complexities in the regulatory and financial landscape.
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