Heidrick & Struggles Posts 3.6 Percent Q1 Global Revenue Gain
April 29, 2015 – Chicago-based Heidrick & Struggles International/(NASDAQ:HSII) has posted consolidated net revenue of$115.2 million in the first quarter, up 3.6 percent from $111.1 million a year ago. The increase was led by a 12 percent increase in the Americas and a 10.1 percent increase in Asia Pacific, offset by a major 25 percent decline in Europe.
From a global practices perspective, the financial services and industrial industry practices at the company were the primary drivers of year-over-year growth at Heidrick. The firm reported Q1 net income of $3.4 million, or 18 cents per share, after recording a loss of $0.7 million, or a $0.04 per share, the same period last year.
"Revenue growth and an increase in profitability underscore a solid first quarter for the firm globally," said Tracy R. Wolstencroft, president and CEO. Mr. Wolstencroft said the company is doubling it's training and development budget as it integrates a growing consultant base, up seven percent from a year ago.
"We are pleased with the improved results in our Americas and Asia Pacific regions, and in our culture shaping business.”
Shares of Heidrick hit a 52-week high during trading yesterday following its stronger than expected earnings report. The company's stock price ended at just above $25 for the day, up nearly nine percent.
Heidrick & Struggles is a provider of integrated senior-level executive search and leadership advisory services.