Hewitt Q3 profit beats estimates; revenues down 6% Hewitt Associates, the HR consultancy, reported better-than-expected quarterly profit, helped by lower expenses. For the third quarter ended June 30
Hewitt Q3 profit beats estimates; revenues down 6%
Hewitt Associates, the HR consultancy, reported better-than-expected quarterly profit, helped by lower expenses. For the third quarter ended June 30, net income rose to $68.4 million, or 71 cents a share, compared with $48.2 million, or 48 cents a share, a year ago.
Net revenue fell 6 percent to $729.0 million.
Average earnings estimates were 60 cents a share, before special items, on revenue of $733.6 million.
Hewitt said selling, general and administrative expenses fell 42 percent to $30.3 million in the quarter.
"We are leaving our revenue outlook unchanged reflecting some softness in discretionary client spending offset by favorable foreign exchange," Chief Financial Officer John Park said in a statement.
The company expects low- to mid-single digit percentage decline in consolidated net revenue.
Excluding items, the company now sees fiscal 2009 earnings of $2.55 to $2.65 per share, up from its prior view of $2.45 to $2.55 per share.