By Chibuike Oguh
NEW YORK (Reuters) - Shares of FTI Consulting rose by more than 16% to an all-time-high on Thursday after the business and communications consultancy reported third-quarter results that beat analyst estimates amid increased demand for its services.
FTI Consulting's revenue jumped 15.1% to $893.26 million while earnings per share rose 9% to $2.34 as the company recorded higher billing rates across its major business lines, including corporate restructuring, communications, technology, investigations and litigation consulting. The company also raised the lower end of its full year revenue forecast.
That result exceeded the average analyst estimate of $850.65 million and $1.84 per share, according to LSEG data.
FTI Consulting's stock hit $214.58 following the result, an all-time high. It has now gained nearly 33% year-to-date and was last up 14.7% - on track to make its biggest daily percent gain since April 28, 2016, per LSEG data.
The median price target of the three analysts covering FTI Consulting's stock is $199.50, and their current recommendation is "buy", LSEG data shows.
FTI Consulting's revenue has been growing since the first half of the year even as its costs remained flat amid an uptick in staff attrition, Chief Executive Steven Gunby said during an analyst earnings call on Thursday.
"We continue to make progress against inflation. We also had an uptick in attrition, both voluntarily and performance
related, and we tightened hire as we normally do in places where we had low utilization," Gunby said.
(Reporting by Chibuike Oguh in New York; Editing by Cynthia Osterman)