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KMPG Consulting meets expectations

IT services provider KPMG Consulting met earnings per share expectations for its third fiscal quarter but saw its net income and...

IT services provider KPMG Consulting met earnings per share expectations for its third fiscal quarter but saw its net income and revenue drop compared with the same quarter last year, the company announced.

KPMG Consulting had a profit of 15 cents diluted earnings per share, meeting the consensus of analysts polled by Thomson Financial/First Call for the company's third quarter.

Net income came in at $23.7m (£16.3m), down from $29.5m in the third quarter of last year. Revenue also dropped, to $582.3m (£400m), down 22% from $750.9m in the same quarter last year.

KPMG Consulting's stock (KCIN) closed up 8.76% at $17.50 (£12) on the Nasdaq exchange. The quarter's results came out after the New York financial markets had closed.

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