BrightView Holdings (NYSE: BV) reported Q4 EPS of $0.44, $0.02 better than the analyst estimate of $0.42. Revenue for the quarter came in at $624.8 million versus the consensus estimate of $621.36 million.

Fourth Quarter Fiscal 2019 Highlights

• Total Revenues for the quarter were $624.8 million, a 7.4% increase versus the prior year, with 5.1% higher Maintenance Services Segment revenues and 14.0% higher Development Services Segment revenues;
• Maintenance Services Segment revenue of $455.4 million benefitted from growth in underlying commercial landscaping revenue and acquisitions;
• Development Services Segment revenue of $170.7 million was the highest quarterly result in the segment’s history;
• Net Income of $25.1 million, or $0.24 per share, and a net income margin of 4.0%, compared to Net Loss of ($10.9 million), or ($0.11) per share, and a net loss margin of (1.9%), in the prior year;
• Adjusted EBITDA of $91.9 million, or 9.1% growth over the prior year, with a margin of 14.7%;
• Adjusted Net Income of $45.0 million, or $0.44 per share, up from $35.8 million, or $0.35 per share, in the prior year.

“Our strategic initiatives, designed to establish a base for sustainable, long-term growth, began delivering results in fiscal 2019. Underlying commercial landscaping revenue grew in the fourth quarter and full year, despite facing significant weather-related challenges across many key markets. And we continued executing our Strong-on-Strong M&A strategy while reducing our Net Debt. Nonetheless, we fell short of some of our full year targets and are working hard to deliver on the long-term potential of our business, beginning with fiscal 2020,” said Andrew Masterman, BrightView President and Chief Executive Officer. “We will build on our 2019 successes, including (a) the sequential revenue improvement in underlying commercial landscaping, (b) the excellent results that our Development Segment generated in the second half of 2019 with strong bookings going into 2020, and (c) the reliable revenue growth that our M&A pipeline, once again, delivered. We will also maintain our targeted plans to invest in technology to support our sales and account manager teams, enhancing our customer relationships and driving both revenue growth and cash generation, which we believe are the cornerstones of stockholder value.”

GUIDANCE:

BrightView Holdings sees FY2020 revenue of $2.465-2.525 billion, versus the consensus of $2.5 billion.

For the full year fiscal 2020, BrightView is providing the following guidance:

• Total Revenue of between $2,465 million and $2,525 million;
• Acquired Revenue of approximately $60 million over the course of the fiscal year;
• Adjusted EBITDA of between $312 million and $320 million;
• Net Capital Expenditures of 2.5% to 3.0% of revenue.

For earnings history and earnings-related data on BrightView Holdings (BV) click here.