CBIZ, Inc. (CBZ) Misses Q1 EPS by 5c, Revenues Miss

CBIZ, Inc. (NYSE: CBZ) reported Q1 EPS of $0.66, $0.05 worse than the analyst estimate of $0.71. Revenue for the quarter came in at $277.46 million versus the consensus estimate of $280.68 million.

FIRST-QUARTER HIGHLIGHTS:

• Total revenue increases 2.8%
• Same-unit revenue increases 0.9%
• EPS $0.66 vs. $0.67 in prior-year first quarter
• Adjusted EBITDA $57.0 million vs. $57.7 million in prior-year first quarter
• Mobilizes resources to help clients access emerging economic relief opportunities
• Financial flexibility positions Company well for economic recovery

Jerry Grisko, President and Chief Executive Officer of CBIZ, said, "After recording strong second-half 2019 results, we started 2020 with strong momentum across all major lines of business including positive contributions from our project-based businesses and evidence that strategic investments are realizing intended benefits. The COVID-19 pandemic began to impact our results in late March. We are fortunate to have entered this situation in a strong financial position with a solid balance sheet and are carefully managing our liquidity. Looking forward, the recurring and essential nature of our client services will help to mitigate some of the economic impact of the pandemic."

Grisko continued, "The safety and well-being of our team members and clients remains our top priority as we all navigate this uncertain business climate. Our workforce is well equipped to operate in a remote work environment, and our early actions to shift our team to working remotely allowed us to stabilize operations and minimize disruption for our clients. We have also mobilized resources to focus on supporting our clients and prospects through emerging relief opportunities such as the CARES Act and related stimulus programs. We are experiencing exceptionally high demand for content and guidance on the numerous government initiatives focused on small and midmarket businesses."

Grisko concluded "At this point, we, like other businesses around the country, are uncertain as to the duration and magnitude of the pandemic's impact and the pace for recovery. I remain confident that despite the complexity and uncertainty we now face, our size, geographic reach and wide range of services will enable us to bring valuable and differentiated solutions to both our clients and prospects, and that we will emerge a stronger company ready to take advantage of further growth opportunities."

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

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Optimum Communications gets NYSE non-compliance notice over stock price
• HeartCore Enterprises, Inc. (HTCR) Misses Q2 EPS by 185c