FTI Consulting, Inc. (NYSE: FCN) ascended by an impressive 17.64% to conclude the trading session on Thursday at a valuation of $216.38 per share. The remarkable surge in FTI Consulting’s stock price followed the release of its quarterly financial results for the third quarter ending on September 30, 2023.

FTI Consulting displayed a substantial uptick, witnessing a revenue growth of 15.1%, equating to an increase of $117.4 million, ultimately reaching $893.3 million in total revenue. Excluding the estimated favorable effects stemming from foreign currency translation (“FX”), this surge accounted for $105.4 million, or a 13.6% rise when compared to the corresponding quarter in the prior year.

The surge in revenue can be primarily attributed to heightened demand across the Corporate Finance & Restructuring, Forensic and Litigation Consulting, Strategic Communications, and Technology segments.

The company’s net income for the year was $83.3 million, up from $77.3 million the previous year. This increase in net income was primarily caused by higher revenues, which included a 7.8% increase in billable headcount, higher selling, general, and administrative (“SG&A”) expenses, a higher effective tax rate, and a decrease in FX remeasurement gains. However, the increase in direct compensation partially offset this increase in net income.

With an adjusted EBITDA of $118.7 million, FTI Consulting represented 13.3% of its total sales. The adjusted EBITDA was $99.0 million, or 12.8% of the total revenues of the firm, compared to the prior year. Earnings Per Share (EPS) increased even more to $2.34, a notable rise over the prior year. As of September 30, 2023, FTI Consulting had $201.1 million in cash and cash equivalents, which is almost equal to the $203.5 million reported at the conclusion of the preceding quarter.

FTI Consulting celebrated a record-breaking performance in terms of revenues and earnings, a testament to their steadfast dedication over multiple years in attracting and nurturing top-tier professionals.