SP Plus (SP) Tops Q1 EPS by 11c, Revenues Beat

SP Plus (NASDAQ: SP) reported Q1 EPS of $0.11, $0.11 better than the analyst estimate of $0.00. Revenue for the quarter came in at $246.7 million versus the consensus estimate of $119.75 million.

2021 Outlook

Mr. Baumann stated, “First quarter results represented a positive start to the year and keep us on track to achieve our 2021 guidance for gross profit of $140 million to $160 million and G&A of $75 million to $85 million. We continue to expect to generate higher free cash flow in 2021 compared to 2020 levels.

“The growth opportunities we identified at the end of 2020 remain in place. Our services facilitate mobility in ways that eliminate inefficiencies, reduce friction and alleviate congestion, elements that we believe will remain top of mind for clients and consumers for the foreseeable future. This is especially true as leisure travel picks up and the need to maintain safe distancing, reduce congestion, and engage in touch-free transactions remains as important as ever. Additionally, with car ownership up and commuters preferring the safety of their own vehicles to mass transportation, the need for off-street parking and more actively managed on-street parking continues to increase.”

Mr. Baumann concluded, “SP+ is in a unique position to capitalize on these opportunities given our financial position compared to many smaller and regional competitors, our differentiated technology offerings and our ability to optimize revenues for our clients. We continue to leverage these attributes, together with our national account relationships, to strengthen our long-term growth prospects.”

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

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