Daseke, Inc. (DSKE) Tops Q2 EPS by 15c, Revenues Beat; Lifts FY18 Revenue Outlook Above Consensus

August 9, 2018 8:33 AM EDT
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Price: $6.63 -4.33%

EPS Growth %: -340.0%

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Daseke, Inc. (NASDAQ: DSKE) reported Q2 EPS of $0.20, $0.15 better than the analyst estimate of $0.05. Revenue for the quarter came in at $376.9 million versus the consensus estimate of $356.02 million.

  • Revenue increased 91% to $376.9 million.
  • Flatbed Solutions revenue up 87% to $162.2 million; Specialized Solutions revenue up 95% to $218.4 million1.
  • Net income improved significantly to $13.5 million, or $0.20 per share, compared to a net loss of $(4.1) million, or $(0.15) per share.
  • Adjusted EBITDA (a non-GAAP term defined below) increased 91% to $46.3 million.

“The momentum in our business has continued into the second quarter, with strong growth in revenue and Adjusted EBITDA,” said Don Daseke, chairman and CEO. “This was driven by year-over-year rate increases and growth in revenue per tractor in both the Flatbed and Specialized Solutions segments, excluding acquisitions. Our progress on various organic growth initiatives was also evident in a 13% increase in Acquisition-Adjusted2 EBITDA to $48.1 million.

“Further, in May 2018, we launched Daseke Fleet Services to support our growing scale, leveraging areas such as purchasing, equipment optimization and maintenance to improve cost efficiencies in ways that support our operating companies and Daseke’s overall organic growth. We expect this new department to reduce operating expenses, which would improve our operating income and margins.

“Given our strong performance in the first half of 2018, including organic growth from acquisitions, we are raising our full-year outlook. Our focus for the remainder of the year will be to continue executing on our well-defined strategic priorities. This begins with a focus on our organic growth initiatives, such as Daseke Fleet Services, and appropriate operations consolidations as we did with Kelsey Trail and Big Freight. We also remain committed to a focused M&A strategy and our pipeline remains robust. In fact, our acquisition of flatbed-focused Builders Transportation last week is a testament to our pipeline and our scalable platform.”

GUIDANCE:

Daseke, Inc. sees FY2018 revenue of $1.55 million, versus the consensus of $1.46 million.

For earnings history and earnings-related data on Daseke, Inc. (DSKE) click here.



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