Korn Ferry - KFY STOCK NEWS

Korn Ferry (NYSE: KFY) has successfully completed its acquisition of Salo, LLC, enhancing its portfolio in finance, accounting, and HR talent solutions. Salo specializes in providing interim talent services, particularly in the healthcare sector. The acquisition is anticipated to boost Korn Ferry's adjusted earnings immediately, although specific financial terms were not disclosed. This strategic move aims to strengthen Korn Ferry's organizational consulting capabilities, potentially increasing market share and driving future revenue growth.

Korn Ferry (NYSE: KFY) has announced its agreement to acquire Salo, LLC, a prominent provider of finance, accounting, and HR interim talent. This acquisition, expected to close on February 1, 2023, aims to enhance Korn Ferry's portfolio in organizational consulting by integrating Salo's professional solutions, especially in healthcare. Korn Ferry's CEO, Gary D. Burnison, highlighted the strategic importance of this move in addressing the high demand for interim professionals. The deal is projected to be immediately accretive to Korn Ferry’s adjusted earnings, although specific terms were not disclosed.

Korn Ferry reported Q2 FY’23 fee revenue of $727.8 million, a 14% increase year-over-year (20% at constant currency) and a 5% sequential rise from Q1 FY’23. Net income was $73.5 million, with diluted EPS at $1.38 and adjusted EPS at $1.43. The operating income was $119.6 million, and Adjusted EBITDA reached $131.1 million, representing an 18% margin. The Company also repurchased 622,500 shares for $33.1 million and announced a $0.15 dividend per share. Korn Ferry expects Q3 FY’23 fee revenue between $660 million and $690 million.

Korn Ferry (NYSE:KFY) will report its financial results for the second quarter of fiscal year 2023, ending October 31, 2022, on December 8, 2022. A press release will be issued before the market opens, followed by a live webcast at 12:00 p.m. EST, featuring CEO Gary Burnison and CFO Robert Rozek. Investors can access the webcast at this link.

Korn Ferry (NYSE: KFY) has released a new book titled Take Control: The Career You Want, Where You Want, aimed at guiding professionals on career advancement. CEO Gary D. Burnison emphasizes the importance of understanding personal strengths and effective networking in today's flexible job market. The book outlines three key concepts: understanding personal wiring, strategies for job acquisition and advancement, and fostering collaboration in diverse workplaces. Korn Ferry is recognized for its expertise in organizational consulting and career development.

Korn Ferry (NYSE: KFY) announces new appointments to its Board of Directors. Charles Harrington joins as a Board Director, bringing nearly 40 years of experience in strategy and operations, including leadership roles at Parsons Corporation. Christina Gold retires after serving since 2014, while Jerry Leamon steps up as Non-Executive Chair. George Shaheen also retires after over 12 years of service. CEO Gary D. Burnison expresses confidence in Harrington's contributions to enhance Korn Ferry's services and strategy integration.

Korn Ferry has released its study, Women CEOs Speak Today, which reflects on the progress made in the representation of women CEOs in Fortune 500 companies. The study updates a 2017 research and indicates that the percentage of women CEOs has increased from 6% to 15% over five years, aligning with The Rockefeller Foundation's goal of 20% by 2025. The report highlights challenges women face in reaching CEO positions and emphasizes the need for organizational support and development opportunities to foster female leadership in corporate America.

Korn Ferry (NYSE:KFY) has been recognized as the leading Recruitment Process Outsourcing (RPO) provider in HRO Today Magazine’s 2022 Baker’s Dozen list for the 14th time. The rankings are based on surveys of RPO buyers and assess the quality and breadth of services, including the scale of deals. Korn Ferry topped the list globally and was also rated No. 1 for service quality. This recognition highlights the company's delivery capabilities in a competitive market and underscores its commitment to innovative solutions for clients.

Korn Ferry reported Q1 FY'23 fee revenue of $695.9 million, a 19% increase year-over-year (24% at constant currency). Net income was $77.2 million, with diluted and adjusted diluted EPS at $1.45 and $1.50, respectively. Operating income rose to $111.6 million (16.0% margin), and Adjusted EBITDA reached $132.2 million (19.0% margin). The company repurchased 370,000 shares for $22.4 million. Despite strong revenue growth, the operating margin declined from 17.3% to 16.0%, raising concerns about cost management amidst increases in compensation and administrative expenses.