CBIZ (CBZ) Misses Q2 EPS by 1c

CBIZ (NYSE: CBZ) reported Q2 EPS of $0.12, $0.01 worse than the analyst estimate of $0.13. Revenue for the quarter came in at $480.9 million versus the consensus estimate of $182.2 million.

Steven L. Gerard, CBIZ Chairman and CEO stated, "We are pleased to record stronger revenue growth in the second quarter, and we expect stronger organic growth prospects in the second half of 2014. The investment we have made over the past several years in business development activities in target markets continues to impact margin, but is helping to enhance our longer term growth prospects. In addition to seeing improving organic growth trends, during the second quarter, we closed one acquisition, and we have closed four acquisitions to date in 2014. Our acquisition pipeline continues to be active, and we expect to close additional acquisitions through the balance of 2014."

"CBIZ enjoys strong support from our credit line banks, and our new five-year $400 million unsecured credit facility will provide us with sufficient capacity to pursue strategic acquisition opportunities. In addition, the expanded facility will provide us a means to refinance the Convertible Notes due in 2015 with the flexibility to address additional early repurchases of the Notes as opportunities occur," concluded Mr. Gerard.

2014 Outlook: In 2014, the Company expects continued improvement in same-unit revenue growth rates, total revenue to grow within a range of 5% to 7%, and diluted earnings per share from continuing operations to grow within a range of 15% to 18% over 2013, assuming a constant share count compared with 2013. Cash flow will continue to be positive, and Adjusted EBITDA is projected to increase within a range of 8% to 12% over the $75.6 million reported for 2013.

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

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