Providence Service (PRSC) Tops Q4 EPS by 40c, Revenues Beat

Providence Service (NASDAQ: PRSC) reported Q4 EPS of $0.45, $0.40 better than the analyst estimate of $0.05. Revenue for the quarter came in at $384.8 million versus the consensus estimate of $378.8 million.

Fourth Quarter 2019 Highlights

• Revenue from continuing operations of $384.8 million, an increase of 6.7% from the fourth quarter of 2018
• Loss from continuing operations, net of tax, of $11.4 million, or loss of $0.97 per diluted common share
• Adjusted EBITDA of $10.2 million, Adjusted Net Income of $7.9 million and Adjusted EPS of $0.45
• Matrix, on a standalone basis, recorded a net loss of $54.3 million, which included a pre-tax asset impairment charge of $55.1 million, and Adjusted EBITDA of $6.3 million

Daniel E. Greenleaf, President and Chief Executive Officer, commented, “In the fourth quarter of 2019, Providence delivered strong revenue growth of 6.7%, net loss from continuing operations of $11.4 million and Adjusted EBITDA of $10.2 million. During the quarter, in response to higher transportation cost experienced throughout the year, the team remained focused on operational execution. This included a focus on network development to drive a more robust and competitive transportation network. On revenue, we were able to successfully renegotiate several contracts which contributed $4.0 million of in-quarter benefit.”

He continued, “For the year, our revenue grew by $125.0 million, or 9.0%, reflecting the mission-critical nature of our services to payors and members. Since joining the Company in December, I have been impressed by our team's unwavering commitment to serving our members. Looking ahead, I see compelling opportunities to leverage our leadership position in NEMT to drive continued revenue growth, sustainable margin expansion, value to our shareholders, and improved quality of life and better health outcomes for our members.”

For earnings history and earnings-related data on Providence Service (PRSC) click here.

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