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CRA International (CRAI) Beats on Q1 Earnings, Retains View
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CRA International Inc. (CRAI - Free Report) reported strong first-quarter 2018 results with revenues and earnings surpassing the Zacks Consensus Estimate.
The company’s first-quarter 2018 earnings (excluding 5 cents from non-recurring items) came in at 72 cents per share compared with 33 cents in the year-earlier quarter. The bottom line comfortably surpassed the Zacks Consensus Estimate of 50 cents.
Total first-quarter 2018 revenues of $99.5 million beat the Zacks Consensus Estimate of $95.7 million. The figure was up 12.8% year over year. The top line benefited from broad-based revenue growth in its Energy, Forensic Services, Life Sciences and Marakon Practices and strong contributions by its Antitrust & Competition Economics practice. Strength across North American and international operations was also witnessed with revenues increasing 9.1% and 30.7% year over year, respectively.
Non-GAAP adjusted EBITDA was $9.9 million in first-quarter 2018 compared with $6.7 million in the year-ago quarter. Non-GAAP adjusted EBITDA margin was 10% for the reported quarter compared with 7.6% in the year-ago quarter.
CRA International,Inc. Price, Consensus and EPS Surprise
CRA International exited first-quarter 2018 with cash and cash equivalents of $10.9 million compared with $21.8 million in the year-ago quarter. As of Mar 31, 2018, long-term liabilities were $34.5 million compared with $32.5million at the end of 2017.
The company used $40.5 million of cash in operating activities in the reported quarter compared with $20.4 million in the year-ago quarter.
During the reported quarter, CRA International returned $9.8 million to its shareholders, which includes $1.5 million of dividend payments and $8.3 million through share repurchases. The company repurchased almost 163,000 shares at an aggregate cost of $8.3 million and an average price of $51.13 per share.
Additionally, the company’s board of directors also announced a quarterly cash dividend of 17 cents per share, payable on Jun 15, 2018 to shareholders of record as of May 29, 2018.
2018 Outlook
CRA International reaffirmed its guidance for 2018. The company expects revenues to be in the range of $380-$392 million and non-GAAP EBITDA margin to be in the range of 8.8-9.8%. Further, the company expects non-GAAP effective tax rate to be between 28% and 30% for 2018.
Price Performance
Shares of CRA International have rallied 52.9% in the past year, outperforming the industry’s gain of 22.6%.
The impressive earnings report is a further positive for the stock.
Investors interested in the broader Business Services sector are keenly awaiting first-quarter earnings reports from key players like Fiserv, Inc. , Verisk Analytics, Inc. (VRSK - Free Report) and Automatic Data Processing (ADP - Free Report) . While Fiserv and Verisk Analytics are slated to report quarterly numbers on May 1, Automatic Data Processing will release its results on May 2.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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CRA International (CRAI) Beats on Q1 Earnings, Retains View
CRA International Inc. (CRAI - Free Report) reported strong first-quarter 2018 results with revenues and earnings surpassing the Zacks Consensus Estimate.
The company’s first-quarter 2018 earnings (excluding 5 cents from non-recurring items) came in at 72 cents per share compared with 33 cents in the year-earlier quarter. The bottom line comfortably surpassed the Zacks Consensus Estimate of 50 cents.
Total first-quarter 2018 revenues of $99.5 million beat the Zacks Consensus Estimate of $95.7 million. The figure was up 12.8% year over year. The top line benefited from broad-based revenue growth in its Energy, Forensic Services, Life Sciences and Marakon Practices and strong contributions by its Antitrust & Competition Economics practice. Strength across North American and international operations was also witnessed with revenues increasing 9.1% and 30.7% year over year, respectively.
CRA International,Inc. Revenue (TTM)
CRA International,Inc. Revenue (TTM) | CRA International,Inc. Quote
Margins
Non-GAAP adjusted EBITDA was $9.9 million in first-quarter 2018 compared with $6.7 million in the year-ago quarter. Non-GAAP adjusted EBITDA margin was 10% for the reported quarter compared with 7.6% in the year-ago quarter.
CRA International,Inc. Price, Consensus and EPS Surprise
CRA International,Inc. Price, Consensus and EPS Surprise | CRA International,Inc. Quote
Balance Sheet and Cash Flow
CRA International exited first-quarter 2018 with cash and cash equivalents of $10.9 million compared with $21.8 million in the year-ago quarter. As of Mar 31, 2018, long-term liabilities were $34.5 million compared with $32.5million at the end of 2017.
The company used $40.5 million of cash in operating activities in the reported quarter compared with $20.4 million in the year-ago quarter.
During the reported quarter, CRA International returned $9.8 million to its shareholders, which includes $1.5 million of dividend payments and $8.3 million through share repurchases. The company repurchased almost 163,000 shares at an aggregate cost of $8.3 million and an average price of $51.13 per share.
Additionally, the company’s board of directors also announced a quarterly cash dividend of 17 cents per share, payable on Jun 15, 2018 to shareholders of record as of May 29, 2018.
2018 Outlook
CRA International reaffirmed its guidance for 2018. The company expects revenues to be in the range of $380-$392 million and non-GAAP EBITDA margin to be in the range of 8.8-9.8%. Further, the company expects non-GAAP effective tax rate to be between 28% and 30% for 2018.
Price Performance
Shares of CRA International have rallied 52.9% in the past year, outperforming the industry’s gain of 22.6%.
The impressive earnings report is a further positive for the stock.
Zacks Rank & Other Releases
CRA International currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Investors interested in the broader Business Services sector are keenly awaiting first-quarter earnings reports from key players like Fiserv, Inc. , Verisk Analytics, Inc. (VRSK - Free Report) and Automatic Data Processing (ADP - Free Report) . While Fiserv and Verisk Analytics are slated to report quarterly numbers on May 1, Automatic Data Processing will release its results on May 2.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>