SP Plus (SP) Tops Q1 EPS by 2c, Revenues Beat; Affirms FY19 EPS Mid-Point Guidance Above Consensus

SP Plus (NASDAQ: SP) reported Q1 EPS of $0.47, $0.02 better than the analyst estimate of $0.45. Revenue for the quarter came in at $409.4 million versus the consensus estimate of $229.49 million.

G Marc Baumann, Chief Executive Officer, stated, “We are very pleased that 2019 is off to a strong start. Overall gross profit, including the results from the acquired Bags business, increased by 35% over the first quarter of last year. Organic gross profit, excluding the Bags results, increased 10% over the first quarter of last year, and benefitted from a favorable lease contract modification that was not expected to occur until later this year as well as the non-recurrence of a 2018 non-cash write-off. Our other key measures, such as EBITDA, EPS and free cash flow, all met or exceeded our expectations for the first quarter. Although it’s still early in the year, our performance in the first quarter gives us the confidence to affirm our full-year 2019 guidance on all previously provided measures.”

Mr. Baumann continued, “As we move forward, our primary focus continues to be driving growth in new business, leveraging cross-selling opportunities with Bags, and maintaining our disciplined focus on safety. On the new business front, we are making excellent progress deepening our national relationships with asset owners and managers. We’ve also had success capitalizing on Bags cross-selling opportunities and recently won two new deals by leveraging our respective client relationships. Overall, we remain highly energized and excited about the opportunities that lie ahead.”

GUIDANCE:

SP Plus sees FY2019 EPS of $2.56-$2.66, versus the consensus of $2.60.

Non-GAAP Measures:

• Adjusted net income attributable to SP Plus is expected to be in the range of $58 - $61 million
• EBITDA is expected to be in the range of $110 - $120 million
• Adjusted EBITDA is expected to be in the range of $111 - $121 million
• Free cash flow is expected to be in the range of $40 - $50 million

For earnings history and earnings-related data on SP Plus (SP) click here.

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