CRA International’s second quarter results came in ahead of Wall Street expectations, but the market reacted negatively. Management attributed the quarter’s outperformance to strong demand across multiple practices, with Antitrust & Competition Economics, Energy, Intellectual Property, and Labor & Employment all delivering double-digit revenue growth. CEO Paul Maleh pointed to the firm’s ability to capitalize on high-profile legal and regulatory matters, particularly in antitrust litigation and large M&A transactions. Consultant utilization improved year over year, and Maleh highlighted increased project lead flow and “continued replenishing of our sales pipeline,” which supported elevated consultant productivity despite typical seasonal transitions.

Is now the time to buy CRAI? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From CRA’s Q2 Earnings Call

• Marc Frye Riddick (Sidoti & Company) asked about the drivers and visibility behind the guidance raise. CEO Paul Maleh pointed to strong first-half performance, a robust project pipeline, and stable visibility, while cautioning about potential geopolitical disruptions.
• Riddick (Sidoti & Company) inquired if there were shifts in M&A regulatory demand or deal size. Maleh said demand in Antitrust remains strong, with no significant changes in deal size or complexity, and that the firm is called for large, prominent matters.
• Riddick (Sidoti & Company) questioned the pricing environment and client pushback. Maleh confirmed rate increases were realized and clients continue to demand value, emphasizing efficiency and cost-effectiveness alongside higher pricing.
• Riddick (Sidoti & Company) asked about the timing of share repurchases. Maleh indicated most activity occurred in the open trading window during the quarter and reaffirmed the company’s ongoing commitment to buybacks.
• Kevin Mark Steinke (Barrington Research) queried about scaling the Energy practice and potential for acquisitions. Maleh praised current leadership and organic growth, stating acquisitions would only be pursued if a strong strategic fit is found.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will be watching (1) the pace of new project wins and lead flow in high-growth practices like Antitrust and Energy, (2) successful onboarding and productivity of the incoming analyst class, and (3) evidence of margin stability as CRA continues to invest in talent and strategic initiatives. The evolution of the regulatory and legal landscape, especially around M&A activity, will also be a critical marker for future performance.

CRA currently trades at $190.35, up from $173.35 just before the earnings. Is the company at an inflection point that warrants a buy or sell? The answer lies in our full research report (it’s free).

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