Resources Connection's First-Quarter Results Show Decline in Revenue and Earnings per Share
- Wednesday, October 16, 2024
Shares of consulting firm Resources Connection experienced a decline in after-hours trading following the release of their first-quarter financial results. Both the revenue and earnings per share showed a decline.
The stock was down 6.8% at $13.49 as of 5:34 p.m. EDT. This is just one of the lows the stock has experienced this year, with a 52-week low of $140.3 on May 4.
During the regular session, shares closed at $14.48, resulting in a loss of less than 1%.
Resources Connection reported first-quarter earnings per share of nine cents on revenue of $170.2 million in their report after the bell. This is a decrease compared to the year-ago period where they reported an EPS of 53 cents on revenue of $204.1 million.
The chief executive, Kate Duchene, mentioned the challenges faced by the company, stating that while they have seen an increase in project extensions, new project wins remain limited due to clients operating with increased conservatism. Looking ahead, the company is focused on sourcing and closing every revenue opportunity while also aiming to improve their cost structure to better align with market conditions.
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