Baltimore-based FTI Consulting Inc. said it increased profits by more than 50 percent last year, driven in part by strong growth in its business consulting divisions in Latin America and Asia.
The company reported net income of $103.9 million last year, up 57 percent from 2010 — even though revenue rose about 12 percent. FTI, which released the figures late Thursday and discussed them Friday, said that in addition to growth in many of its business practices, it got an income boost because it revalued downward the "contingent" payment it has to make on a recent acquisition.
That $9 million revaluing happened in the fourth quarter, helping push profits during the three months ending Dec. 31 to $39.9 million, up from $8.9 million a year earlier.
Earnings per share jumped even more than profits last year — 70 percent — because the company bought back stock.
FTI is perhaps best known for its corporate finance and restructuring services, but that's the one division that produced less revenue last year, decreasing about 5 percent. Its forensic and litigation consulting, economic consulting, technology and strategic communications arms all grew.
The company's stock closed at $41.35 a share Friday, down $1.60.
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