Emerald Expositions Events, Inc. (NYSE: EEX) reported Q4 EPS of $0.00, versus ($0.02) reported last year. Revenue for the quarter came in at $57 million versus the consensus estimate of $53.44 million.

• Revenues increased 81.0% to $57.0 million, compared to $31.5 million for fourth quarter 2017
  • Net loss of $90.0 million, compared to net income of $40.3 million for fourth quarter 2017
• 2018 fourth quarter net loss included a non-cash charge of $104.3 million related to the impairment of certain intangible assets
• Net cash provided by operating activities decreased 15.1% to $35.4 million, compared to $41.7 million for fourth quarter 2017
• Adjusted EBITDA, a non-GAAP measure, increased 183.3% to $8.5 million, compared to $3.0 million for fourth quarter 2017
• Adjusted Net Income, a non-GAAP measure, decreased to $0.2 million, compared to $2.2 million for fourth quarter 2017
• Free Cash Flow, a non-GAAP measure, decreased 10.9% to $35.1 million, compared to $39.4 million for fourth quarter 2017

“We delivered strong growth in revenues and Adjusted EBITDA in the fourth quarter of 2018,” reported Phil Evans, Interim Chief Executive Officer and Chief Financial Officer of Emerald Expositions. “This growth partly reflected the benefit of several successful launches, including our new Outdoor Retailer Winter Market show in November. We also experienced a strong contribution from our two acquisitions in the second half of 2018, including Boutique Design New York which staged in November and grew revenues by a low double-digit percentage over the prior year’s show, in line with our expectations. Beyond our portfolio, we also worked to maximize shareholder value through our capital allocation strategy as we repurchased approximately 1.6 million common shares at an average cost of $11.94 per share given the persistent discount to intrinsic value at which our shares traded during the fourth quarter.”

Mr. Evans added, “Looking to 2019, our guidance reflects the bold actions that we are taking to reposition our NY NOW shows and to enhance our event experiences broadly across the portfolio for both attendees and exhibitors. We are confident that these actions and incremental investments will be rewarded with improved performance in the future. In fact, we are optimistic that we have successfully turned around the perception of NY NOW for many in the marketplace as there was genuine excitement on the show floor for our recent Winter edition. There were numerous new exhibitors and show features, while show attendance volume and quality improved noticeably over the prior year, which bodes well for future editions. Overall, we have a strong portfolio of market-leading brands and, as we stabilize NY NOW and ASD, we expect the portfolio to return to solid organic growth. Looking forward, we remain committed to delivering strong cash flows and shareholder returns over the long term.”

GUIDANCE:

Emerald Expositions Events, Inc. sees FY2019 EPS of $1.02-$1.20, versus the consensus of $1.26. Emerald Expositions Events, Inc. sees FY2019 revenue of $378-390 million, versus the consensus of $390.49 million.

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