Resources Connection slides by 11% despite higher Q1 sales, profits

Shares of Resources Connection Inc. (Nasdaq:RECN) dipped by nearly 11% this morning despite the company posting higher fiscal first-quarter earnings and revenue.

The Irvine, Calif.-based professional services firm announced just after the market closed on Thursday that it earned $12.5 million, or $0.27 per share, on revenue of $207.3 million for the three months ended Aug. 30 compared with earnings of $11.6 million, or $0.23 per share, on revenue of $194.1 million in the prior year.

Analysts on average were expecting earnings of $0.25 a share, before special items, on revenue of $210.9 million, according to Reuters Estimates.

By mid-morning, Resources Connection is at $17.98, down $2.14 from Thursday’s close. The stock has ranged between $15.39 and $25.28 in the past year.

For detailed price information and news stories on Resources Connection, click RECN.

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