Overview

• US consulting firm's fiscal Q1 revenue rose 10.5% yr/yr, beating analyst expectations

• Adjusted EPS for fiscal Q1 missed consensus, declining 10.4% yr/yr

• Company returned $25.3 mln to shareholders via dividends and share repurchases

Outlook

• CRA International reaffirms full-year 2026 revenue guidance of $785 mln to $805 mln

• Company expects 2026 non-GAAP EBITDA margin of 12.0% to 13.0%

Result Drivers

• BROAD-BASED PRACTICE GROWTH - Eight practices grew yr/yr, with Energy, Finance, Forensic Services, and Life Sciences posting double-digit revenue growth; Antitrust & Competition Economics set a new quarterly revenue record

• GEOGRAPHIC EXPANSION - Revenue grew across geographies, with North America up 8.5% and international operations up 20.3% yr/yr

• PORTFOLIO OPTIMIZATION COSTS - Net income decline partly reflected $2.6 mln in cash severance and non-cash charges tied to portfolio optimization actions

Company press release: ID:nBw42MCrYa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$201 mln	$193.82 mln (3 Analysts)
Q1 Adjusted EPS	Miss	$1.99	$2.02 (3 Analysts)
Q1 EPS		$1.69
Q1 Adjusted Net Income		$13.10 mln
Q1 Net Income		$11.10 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• Wall Street's median 12-month price target for CRA International Inc is $252.50, about 65.4% above its May 6 closing price of $152.64

• The stock recently traded at 17 times the next 12-month earnings vs. a P/E of 21 three months ago

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