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CRA International (CRAI)

CRAI

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CRA International's (CRAI) second quarter 2012 results were discouraging. The earnings lagged the Zacks Consensus Estimate, owing to the drastically poor performance of its management consulting business, which was partially offset by healthy litigation business. As a result of the soft consulting business, all key-line items experienced a downside.

The performance of management consulting segment suffered because of delays in several projects, particularly in Europe. However, management is undertaking restructuring actions to improve profitability and boost performance.

Moreover, we are concerned about the ongoing economic uncertainty in Europe, cautious spending by clients, stiff competition and currency fluctuations. Hence, we reiterate our Underperform stance on the stock.

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