The RMR Group Inc. (NASDAQ: RMR) reported Q2 EPS of $0.50, $0.07 worse than the analyst estimate of $0.57. Revenue for the quarter came in at $130 million versus the consensus estimate of $141.12 million.

Adam Portnoy, President and Chief Executive Officer, made the following statement regarding the second quarter fiscal 2019 results:

“During the quarter, we generated net income of $18.7 million, Adjusted EBITDA of $24.7 million and an Adjusted EBITDA Margin of 54.1%. Our operating results this quarter reflect the repositioning efforts we’ve helped facilitate at certain of our Client Companies over the last six months to strengthen their balance sheets and improve their operating results and future prospects. We believe these efforts will have positive long-term benefits for both our Client Companies and RMR, but in the near term have created headwinds for our operating results.

At the close of the second fiscal quarter, our balance sheet continues to leave us well positioned to assess strategic opportunities for future growth, with $384.1 million of cash on hand and no debt. We continue to invest time and resources in identifying and assessing a wide spectrum of potential growth opportunities for RMR.”

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