Consulting firm Charles River raises dividend to boost yield above the S&P 500's, while profit and revenue miss expectations

CRA International Inc. (CRAI), the consulting firm also known as Charles River Associates, said Thursday that it raised its quarterly dividend, by 16.7%, to 42 cents a share from 36 cents a share. Shareholders of record on Nov. 28 will be paid the new dividend on Dec. 8. Based on Wednesday's closing price of CRA's stock of $97.20, the new annual dividend rate implies a dividend yield of 1.73%, which is now above the implied yield for the S&P 500 of 1.65%. Separately, CRA reported third-quarter adjusted earnings per share of $1.13, down from $1.45 in the year-ago period and well below the FactSet consensus of $1.39. Revenue fell 0.6% to $147.6 million to miss the FactSet consensus of $158.3 million. "Our third quarter was shaped by an unexpected slowdown in new project originations at a time of higher than expected headcount, resulting in an unusual departure from CRA's long history of delivering revenue and profit expansion," said Chief Executive Paul Maleh. The stock, which was still inactive in the premarket, has slipped 5.3% over the past three months while the S&P 500 has lost 6.1%.

-Tomi Kilgore

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11-02-23 0815ET

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