Corporate Executive Board 3Q earnings decline

NEW YORK (AP) — Corporate Executive Board Co. said Tuesday its third-quarter profit fell 29 percent on weaker revenue, but the corporate strategy and human resources consultancy beat analyst expectations and shares gained.

For the three months ended in September, net income declined to $14.2 million, or 41 cents per share, compared with $20 million, or 59 cents per share, a year earlier.

Excluding one-time items, the Arlington, Va., company earned 45 cents per share.

Analysts polled by Thomson Reuters expected, on average, 28 cents per share. Such expectations typically exclude one-time items.

Revenue fell 25 percent to $106.8 million from $142.4 million. Wall Street expected $103.9 million.

Total costs and expenses dropped 20 percent to $84.9 million.

Deutsche Bank-North America analyst Paul Ginocchio responded to the third-quarter results by upgrading the shares to "Hold" from "Sell" on lower costs and raising his price target to $22 from $18.

In afternoon trading, shares climbed $1.39, or 5.8 percent, to $25.40. Over the past 12 months the stock has ranged from $12.35 to $30.13.