Verra Mobility (VRRM) Tops Q1 EPS by 13c, Revenues Miss
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Verra Mobility (NASDAQ: VRRM) reported Q1 EPS of $0.12, $0.13 better than the analyst estimate of ($0.01). Revenue for the quarter came in at $89.76 million versus the consensus estimate of $91.45 million.
First Quarter 2021 Financial Highlights
- Revenue: Total revenue for the first quarter of 2021 was $89.9, down 23% compared to $116.7 million for the first quarter of 2020. The decline was greater in our Commercial Services segment due to the unprecedented impact of coronavirus ("COVID-19") on the rental car industry, and due to significant product sales in the first quarter of 2020 in our Government Solutions segment that did not reoccur in the first quarter of 2021 due to a single customer's buying patterns variability year over year.
- Net (loss) income: Net loss for the first quarter of 2021 was $(8.9) million, or $(0.05) per share based on 162.3 million diluted weighted average shares outstanding. Net income for the comparable 2020 period was $22.1 million, or $0.04 per share, based on 164.4 million diluted weighted average shares outstanding.
- Adjusted Earnings Per Share (EPS): Adjusted EPS for the first quarter of 2021 was $0.12 per share compared to $0.19 per share for the first quarter of 2020.
- Adjusted EBITDA: Adjusted EBITDA was $40.3 million for the first quarter of 2021, compared to $54.9 million for the same period last year. Adjusted EBITDA margin was 45% of total revenue for 2021 and 47% for 2020.
"We were pleased with our performance during the first quarter of 2021 with both business segments showing signs of continued improvement," stated David Roberts, Chief Executive Officer of Verra Mobility. "As the economy reopens, our balanced portfolio of products, proven disciplined execution, and highly attractive recurring revenue model position us for strong growth and profitability. We remain focused on executing against our long-term strategic objectives, which drive shareholder value creation. And the current U.S. administration's renewed focus on building a modern and sustainable public infrastructure support our vision of becoming a global leader in smart transportation."
For earnings history and earnings-related data on Verra Mobility (VRRM) click here.
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