CBIZ, Inc. (CBZ) Tops Q2 EPS by 1c, Revenues Beat; Offers FY18 EPS Outlook

CBIZ, Inc. (NYSE: CBZ) reported Q2 EPS of $0.23, $0.01 better than the analyst estimate of $0.22. Revenue for the quarter came in at $232.6 million versus the consensus estimate of $223.86 million.

SECOND-QUARTER HIGHLIGHTS:

• TOTAL REVENUE +10.2%
• SAME-UNIT REVENUE +5.9%
• EPS FROM CONTINUING OPERATIONS OF $0.23,+15.0%

Jerry Grisko, CBIZ President and Chief Executive Officer, said, "Our strong performance in the second-quarter and first-half is a result of a healthy level of optimism among our clients, favorable business conditions and the unique value proposition CBIZ brings to our clients. We are pleased to continue to see strong demand for our core services, for advice and planning in connection with the Tax Cuts and Jobs Act of 2017 and for our advisory services."

Grisko continued, "We have closed two acquisitions to date in 2018 that are expected to contribute approximately $9.1 million of annual revenue. Since June of 2017, we have acquired five businesses that are expected to contribute approximately $33.4 million of annualized revenue. We are pleased with the performance of our acquired businesses, and with $200 million of unused financing capacity on our unsecured credit facility, we have sufficient funding to continue to pursue additional acquisition opportunities that will further position and strengthen our core business and enhance future growth."

2018 Outlook

• The Company expects growth in total revenue to be near the high end of a range of 5% to 8%.
• The Company expects to report an effective tax rate of approximately 25% as a result of the Tax Cuts and Jobs Act, although a number of factors may impact the tax rate. The Company expects a weighted average fully diluted share count of approximately 56.0 million shares for full-year 2018.
• The Company expects to achieve growth in fully diluted earnings per share within a range of 13% to 17% over the $0.92 reported for 2017. Adjusted for the one-time 2017 impact of the Tax Cuts and Jobs Act, the Company expects to achieve growth within a range of 20% to 24% over the adjusted $0.87 reported for 2017.

For earnings history and earnings-related data on CBIZ, Inc. (CBZ) click here.

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