CBIZ, Inc. (CBZ) Tops Q4 EPS by 1c, Revenues Miss

CBIZ, Inc. (NYSE: CBZ) reported Q4 EPS of ($0.02), $0.01 better than the analyst estimate of ($0.03). Revenue for the quarter came in at $199 million versus the consensus estimate of $202.33 million.

Jerry Grisko, CBIZ President and Chief Executive Officer, said, "As our financial results reflect, 2018 was an exceptional year for CBIZ. In addition to experiencing strong demand for our core tax and accounting, advisory and government health care consulting services, we also benefited from strong revenue from some of our more transactional businesses where timing is less predictable. The strength of our business over the past several years has provided us with the opportunity to make significant investments in our future growth. During this past year we continued our investment in new producers within our Benefits and Insurance Services group, invested in new technologies to support a number of our businesses, and added more than $11 million in annualized revenue from strategic acquisitions."

Grisko continued, "Considering the exceptional year we just reported while also being sensitive to future economic uncertainty, we currently foresee continued favorable business conditions and expect strong demand for our services in 2019."

2019 Outlook

• The Company expects growth in total revenue within a range of 4% to 6%.
• Although a number of factors may impact the tax rate, the Company expects an effective tax rate of approximately 25%.
• The Company expects a weighted average fully diluted share count of approximately 56.5 to 57.0 million shares.
• The Company expects to grow fully diluted earnings per share within a range of 10% to 12% over the $1.09 reported for 2018.

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

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