UPDATE 1-Huron Q2 profit plunges 75 pct; tightens 2010 forecast
* Q2 dragged by 7 pct fall in revenue
* Sees 2010 adj EPS $2.10-$2.20, up from $2-$2.20
July 28 (Reuters) - Huron Consulting Group Inc's (HURN.O) quarterly profit plunged 75 percent on lower revenue from its financial and health and education consulting segments, but the company raised the lower end of its 2010 earnings forecast.
For the second quarter, net income was $2.4 million, or 12 cents a share, compared with $9.6 million, or 47 cents a share, a year ago. Adjusted earnings from continuing operations were 45 cents a share.
Total revenue fell 7 percent to $143.7 million.
Analysts expected earnings of 36 cents a share, before special items, on revenue of $146.9 million, according to Thomson Reuters I/B/E/S.
Sales from health and education consulting, the company's biggest revenue stream, fell 8 percent to $83.8 million, while the financial consulting segment saw a decrease of 18 percent to $26.0 million.
The company expects its health and education consulting services to get a boost from hospitals that are beginning to assess the impact of healthcare reforms.
For 2010, the company now sees adjusted earnings from continuing operations of $2.10 a share to $2.20 a share on revenue of $600 million to $620 million. It earlier forecast earnings of $2 a share to $2.20 a share on revenue of $600 million to $640 million.
In the consulting space, Huron competes with companies like FTI Consulting Inc (FCN.N), Navigant Consulting Inc (NCI.N) and private players like Ernst & Young [ERNY.UL] and PricewaterhouseCoopers [PWC.UL].
Shares of the company were trading down 2 percent at $21.01 after the bell. They closed at $21.37 in regular session on Nasdaq. (Reporting by Sweta Singh in Bangalore; Editing by Maju Samuel)
- Exclusive: Radar data suggests missing Malaysia plane deliberately flown way off course - sources
- Investigators focus on foul play behind missing plane: sources |
- CEOs of biggest Russian firms could be hit by sanctions: paper |
- Kremlin website hit by 'powerful' cyber attack
- Search for Malaysian plane may extend to Indian Ocean - U.S |