UPDATE: MDC Partners (MDCA) Misses Q1 EPS by 44c, Miss on Revenues

MDC Partners (NASDAQ: MDCA) reported Q1 EPS of ($0.56), $0.44 worse than the analyst estimate of ($0.12). Revenue for the quarter came in at $327 million versus the consensus estimate of $352.73 million.

FIRST QUARTER HIGHLIGHTS:

• Adopted ASC 606 effective January 1, 2018 using the Modified Retrospective Method, therefore reported results are not comparable with the prior period (which continues to be reported under ASC 605)
• Revenue of $327.0 million versus $344.7 million a year ago (as reported under ASC 605); excluding the impact of the adoption of ASC 606, revenue was $348.2 million, an increase of 1.0%
• Organic revenue growth of 1.0%
• Net loss attributable to MDC Partners common shareholders of $31.4 million versus a loss of $11.1 million a year ago (as reported under ASC 605); excluding the impact from the adoption of ASC 606, Net loss attributable to MDC Partners common shareholders was $27.0 million
• Adjusted EBITDA of $7.8 million versus $35.8 million a year ago (as reported under ASC 605); excluding the impact of the adoption of ASC 606, Adjusted EBITDA was $13.9 million
• Net New Business wins totaled $19.9 million
• Updating 2018 financial guidance

For earnings history and earnings-related data on MDC Partners (MDCA) click here.

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