CRA International (CRAI) shares were down 9.5% in recent Thursday trading even as the company reported better-than-expected fiscal Q3 results and raised its dividend by 17%.

The company reported fiscal Q3 non-GAAP earnings of $1.77 per diluted share, up from $1.13 a year earlier.

Three analysts polled by Capital IQ expected $1.58.

Revenue for the quarter ended Sept. 28 rose to $167.7 million from $147.6 million a year earlier.

Three analysts surveyed by Capital IQ expected $167.6 million.

The company said it continues to expect fiscal 2024 revenue of $670 million to $685 million on a constant-currency basis.

CRA International raised its quarterly cash dividend to $0.49 per share from $0.42, payable on Dec. 13 to shareholders of record as of Nov. 26.

"We remain confident in CRA's overall competitive position, which is reflected in our decision to raise our quarterly cash dividend by 17%, but we are mindful that macroeconomic headwinds and geopolitical conditions can affect our business," the company said.

Price: 175.74, Change: -18.54, Percent Change: -9.54