FTI Consulting’s strategic communications unit reported a 7.4% year-over-year decrease in second-quarter revenue to $46.2 million.
The firm attributed the drop to a decline in project-based revenues in North America, particularly for financial communications and corporate reputation services.
As a whole, the professional services company had a "slow start for 2017," with second-quarter revenue declining 3.4% year-over-year to $444.7 million, CEO Steven Gunby said in an earnings statement. Operating income was down 34.2% to $29,000. Its net loss in the period was $5.2 million, down from $26.6 million in the second quarter of last year.
FTI’s economic consulting group saw a revenue increase of 5.1% to $124 million, while technology increased 8.8% to $45.6 million. The corporate financing and restructuring group’s year-over-year revenue dropped 11.1% to $117.5 million, while forensic and litigation consulting unit’s decreased by 5.7% to $111.4 million.
The company reaffirmed its full-year revenue guidance of between $1.775 billion and $1.875 billion.
FTI recently laid off 4% of its global workforce. Jon Aarons, a senior MD in the strategic comms unit, has exited, as have Asia-Pacific lead Paul Marriott and Gulf head John Hobday.
Sourced from PR week