Stock Track | Hackett Group Soars 9% on Impressive Q3 Results and Growth Outlook

Stock Track

Nov 05, 2024

Shares of Hackett Group (NASDAQ: HCKT) surged 9.45% in pre-market trading on Monday, November 5, 2024, following the company's impressive third-quarter 2024 earnings report and strong growth prospects. The management consulting and technology solutions provider exceeded analyst expectations with its financial results and provided an upbeat outlook for the remainder of the year and beyond.

For the third quarter, Hackett Group reported adjusted earnings per share of $0.43, surpassing the consensus estimate of $0.40. The company's revenue rose 5.2% year-over-year to $79.78 million, exceeding Wall Street's expectations of $76.61 million. The strong performance was driven by solid growth in the company's Oracle Solutions and SAP Solutions segments, which saw revenue increases of 7% and 17%, respectively, compared to the same period last year.

A key highlight of the quarter was the promising growth in Hackett Group's GenAI engagements, fueled by the AI XPLR platform and the recent acquisition of LeewayHertz. The company's AI and automation capabilities have been significantly enhanced, positioning it to capitalize on the growing demand for generative AI solutions across industries. Management expressed optimism about the potential synergies and value creation opportunities arising from the LeewayHertz acquisition and the associated joint venture.

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The management consulting and technology solutions provider exceeded analyst expectations with its financial results and provided an upbeat outlook for the remainder of the year and beyond.</p>\n\n<p>For the third quarter, Hackett Group reported adjusted earnings per share of $0.43, surpassing the consensus estimate of $0.40. The company's revenue rose 5.2% year-over-year to $79.78 million, exceeding Wall Street's expectations of $76.61 million. The strong performance was driven by solid growth in the company's Oracle Solutions and SAP Solutions segments, which saw revenue increases of 7% and 17%, respectively, compared to the same period last year.</p>\n\n<p>A key highlight of the quarter was the promising growth in Hackett Group's GenAI engagements, fueled by the AI XPLR platform and the recent acquisition of LeewayHertz. 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