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HCKT Nasdaq· Hackett Group Inc
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HCKT Nasdaq· Hackett Group Inc
Earnings report Q3 2023

HCKT Reports Strong Revenue Growth in Latest Quarter

Segments of Revenue

HCKT reported total revenue of $75.86 million for the quarter ended September 29, 2023, representing a 5.3% increase compared to the same quarter last year. This growth was driven by both revenue before reimbursements, which amounted to $74.63 million, and reimbursements of $1.22 million.

Strengths

HCKT demonstrated solid revenue growth in the latest quarter, with a 5.3% increase compared to the prior year. This growth can be attributed to the strong performance of its operating segments. The Global S&BT segment generated $43.80 million in revenue, a 5.3% increase from the same quarter last year. The Oracle Solutions segment also performed well, with revenue of $20.83 million, representing a significant 17.7% growth compared to the prior year. These positive results indicate the company's ability to effectively serve its clients and capitalize on market opportunities.

Challenges

While HCKT reported overall revenue growth, the SAP Solutions segment experienced a decline in revenue. Revenue for this segment amounted to $11.23 million, a 15.2% decrease compared to the same quarter last year. This decline may pose a challenge for the company, and management should closely monitor and address any issues impacting the performance of this segment.

Noteworthy

HCKT's net income for the quarter was $9.42 million, a decrease of 9.2% compared to the prior year. However, it is worth noting that the company reported a foreign currency translation adjustment of ($1.02) million, which impacted the comprehensive income. Despite this adjustment, HCKT still reported a total comprehensive income of $8.40 million, indicating overall stability in its financial performance.

Summary

HCKT delivered a strong performance in the latest quarter, with a 5.3% increase in total revenue. The company's Global S&BT and Oracle Solutions segments were key drivers of this growth, showcasing their ability to generate revenue and contribute to HCKT's overall success. However, the SAP Solutions segment experienced a decline in revenue, which management should address to ensure sustained growth. Overall, HCKT's financial performance demonstrates its ability to navigate market challenges and capitalize on opportunities, positioning the company for continued success in the future.

Source documents

Form 10-Q  filed on Nov 08, 2023
80 pages scanned

Reference data

Company financials Q3 revenue 71.2M
Analyst estimates Q3 EPS beat by 5.41%
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