NV5 Global (NASDAQ: NVEE) reported Q1 EPS of $0.76, $0.08 better than the analyst estimate of $0.68. Revenue for the quarter came in at $118 million versus the consensus estimate of $113.32 million.

• Total Revenues for the quarter were $118.0 million, an increase of 24% year-over-year. Gross Revenues – GAAP for the quarter were $117.3 million, an increase of 24% year-over-year.
• Net Revenues for the quarter were $90.7 million, an increase of 18% year-over-year.
• Organic revenue growth for the quarter was 5%. Organic growth is measured by internal growth of our existing business plus growth from acquisitions.
• EBITDA for the quarter was $13.5 million or 15% of Net Revenues, an increase of 34% from $10.1 million, or 13% of Net Revenues in the first quarter of 2018.
• Net Income for the quarter was $5.5 million, an increase of $1.3 million, or 29% compared to $4.3 million in the first quarter of 2018.
• Adjusted EPS for the quarter was $0.76 per diluted share, an increase of 29% from $0.59 in the first quarter of 2018.
• GAAP EPS for the quarter was $0.44 per diluted share, an increase of 13% from $0.39 in the first quarter of 2018.
• Backlog was $441 million as of March 30, 2019, a 43% increase from $309 million as of March 31, 2018.
• Cash flow from operating activities increased $12.7 million, or 351% to $16.3 million for the quarter compared to $3.6 million in the first quarter of 2018.
• Long-term debt decreased 47% to $31 million for the quarter, compared to $59 million in the first quarter of 2018.
• Cash and cash equivalents increased 166% to $45.8 million for the quarter compared to $17.2 million in the first quarter of 2018.

“NV5's record results across all financial metrics in the first quarter of 2019 once again demonstrate that our time-tested plan for steady growth driven by synergy, strategic acquisitions and process optimization is working," said Dickerson Wright, PE, Chairman and CEO of NV5. "In the first quarter, Gross Revenues increased 24%, EBITDA increased 34%, and Net Income increased 29%. Our backlog also increased by 43% and cash flow from operating activities increased 351%. Our acquisitions of CHI and CALYX in the later part of 2018 contributed to our 2019 budgeted revenues and have helped us expand our service offerings and our geographic presence. We expect that our acquisition of The Sextant Group earlier this year, which was not fully reflected in our first quarter 2019 results, will likewise contribute to earnings and profitability and expansion of our backlog. Our core business and acquisition pipeline remain very strong and we look forward to more organic and acquisition growth in the remainder of 2019."

GUIDANCE:

NV5 Global sees FY2019 EPS of $3.81-$4.08, versus the consensus of $3.64. NV5 Global sees FY2019 revenue of $520-542 million, versus the consensus of $499.62 million.

The Company is raising guidance for full year 2019 Gross Revenues, Net Revenues, Adjusted EPS and GAAP EPS, including the impact of acquisitions closed through April 30, 2019. The Company expects Gross Revenues to range from $520 million to $542 million, which represents an increase of 24% to 30% from 2018 Gross Revenues of $418 million. Net Revenues are expected to range from $410 million to $428 million, which represents an increase of 23% to 28% from 2018 Net Revenues of $334 million. The Company expects full year 2019 Adjusted EPS to range from $3.81 per share to $4.08 per share, an increase of 18% to 26%. Furthermore, the Company expects full year 2019 GAAP EPS to range from $2.64 per share to $2.91 per share. This guidance for Total Revenues, Net Revenues, Adjusted EPS and GAAP EPS excludes anticipated acquisitions for the remainder of 2019.

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