Huron Consulting Group has achieved new heights in its stock performance, reaching an all-time intraday high following impressive financial results for the latest quarter. The company has also raised its outlook for 2023, contributing to a 16% increase in stock value to $92.14, marking the largest percentage increase since March 1.
In the second quarter ended June 30, the technology, data, and analytics solutions provider reported net income of $24.7 million, or $1.27 per share. This is a significant improvement compared to $13.9 million, or 66 cents per share, during the same period last year. Adjusted earnings were $1.38 per share, surpassing analysts’ estimates of $1.
The company experienced a remarkable 27% increase in revenue, from $273.3 million to $346.8 million. Analysts polled by FactSet had anticipated revenue to be around $313.2 million.
Mark Hussey, Chief Executive Officer of Huron Consulting Group, attributed the revenue growth to increased demand for the company’s consulting and managed services as well as digital capabilities.
Looking ahead to 2023, Huron has adjusted its revenue forecast to be between $1.3 billion and $1.34 billion, with adjusted earnings projected to range from $4.35 per share to $4.65 per share. This update is a significant improvement from the previous forecast of revenue between $1.22 billion and $1.28 billion, with adjusted earnings per share ranging from $3.75 to $4.25.
As Huron Consulting Group continues to demonstrate strong financial performance and a positive outlook for the future, investors are eager to see the company’s continued success in delivering innovative solutions and driving growth.
