CRA’s third quarter results were well received by the market, supported by strong growth across its core consulting practices and expanding international operations. Management attributed performance to double-digit revenue gains in its Antitrust & Competition Economics, energy, finance, and intellectual property groups. CEO Paul Maleh highlighted robust demand for antitrust advisory services, with the firm advising on high-profile regulatory matters and large-scale M&A activity. The company also noted broad-based growth across client industries, supported by increased case filings and a healthy legal services environment.

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

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 Q3 Earnings Call

• Andrew Nicholas (William Blair) asked about the sustainability of the current junior-to-senior consultant mix. CEO Paul Maleh explained that headcount shifts reflect redeployment to growth areas, with new Vice Presidents ramping up before teams are built beneath them.
• Nicholas also inquired about drivers of bill rate increases. Maleh confirmed rate increases of around 3% for 2025, noting that value delivered to clients remains a top priority and bill rate growth is driven by both pricing and project mix.
• Nicholas sought insight on international growth trends. Maleh attributed Europe’s strong results to consistent regulatory enforcement and the exceptional quality of CRA’s competition team in that region.
• Marc Riddick (Sidoti & Company) questioned the breadth of legal and regulatory activity. Maleh responded that growth is broad-based across practices and industries, with inflow and conversion to revenue being widespread.
• Kevin Steinke (Barrington Research) asked about hiring of new Vice Presidents. Maleh highlighted selective recruitment and market success as factors attracting top talent, with expectations for these hires to drive future growth.

Catalysts in Upcoming Quarters

Looking forward, our analysts will closely monitor (1) the pace at which CRA’s new senior hires generate incremental business, (2) trends in regulatory and legal case activity—especially in antitrust and life sciences, and (3) the sustainability of international growth, particularly in Europe. Additional attention will be paid to how cross-practice collaboration translates into larger, more complex project wins.

CRA currently trades at $192.50, up from $177.94 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it’s free for active Edge members).

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