Heidrick & Struggles Posts Q2 Revenue Gain

August 5, 2013 – Chicago-based executive search firm Heidrick & Struggles International/(NASDAQ:HSII) has posted net revenue of $122 million in the second quarter, up 5.1 percent from $116.1 million in the 2012 second quarter. Year over year, net revenue increased 11.4 percent in the Americas and 6.5 percent in Asia Pacific (approximately nine percent on a constant currency basis), but declined 11.1 percent in Europe (approximately 13 percent on a constant currency basis). Growth in the financial services and global technology & services executive search practices was partially offset by declines in the firm's education & social enterprise and industrial practices. The company reported net income of $1.9 million and diluted earnings per share of $0.11, compared to net income was $1.9 million and $0.10 diluted earnings per share a year ago. "Improving conditions for executive search in the Americas and in Asia Pacific had a positive impact on our second quarter results while Europe remains in a challenging economic environment," said Jory Marino, interim CEO. “Recruitment of senior-level consultants with established client relationships, retaining high performing consultants, and managing underperforming consultants will remain a key area of emphasis."