Navigant's Q2 Earnings Beat Estimates - Analyst Blog
31 Juillet 2013 - 4:00PM
Zacks
Navigant Consulting
Inc (NCI) reported second-quarter 2013 net income of $14.0
million or 27 cents per share compared with $9.6 million or 18
cents in the year-earlier quarter. Adjusted EPS was 31 cents in the
reported quarter compared with 21 cents in the year-ago quarter.
Adjusted earnings exceeded the Zacks Consensus Estimate by 7 cents.
Increased revenues from Healthcare and Energy segment primarily led
the earnings higher.
Total revenue was up 4.0% year over year to $213.1 million, while
revenues before reimbursements (RBR) increased 5.0% to $189.7
million. Total revenue exceeded the Zacks Consensus Estimate of
$208 million.
EBITDA (earnings before interest, tax, depreciation and
amortization) for the reported quarter stood at $31.8 million
compared with $22.8 million in the year-ago quarter. Adjusted
EBITDA was up 40% year over year to $34.1 million, driven by
increased operating profit from segments and a 9% reduction in
general and administrative expenses.
Segment Performance
The Healthcare segment's revenues rose 28.3% year over year to
$52.4 million in second quarter 2013, driven by organic growth and
strength in strategy consulting and expertise across industry
disciplines. The Energy segment revenues grew 14.5% to $27.5
million, aided by demand for energy efficiency solutions from
utility clients and the U.S. federal government as they focus on
reducing energy consumption
Disputes, Investigations & Economics segment revenues decreased
4.7% year over year to $82.8 million, primarily due to the
divestiture of a portion of Economics business. Financial, Risk
& Compliance Advisory segment registered a 4.7% year-over-year
decrease in revenues to $50.4 million owing to reduced activity in
the restructuring area and lower revenues related to a portion of
Navigant’s financial services business based in the UK.
Liquidity
At quarter-end, Navigant had $2.6 million in cash and cash
equivalents. Free cash flow increased 15.0% year over year to $24.4
million, while debt levels were down 24% from year-earlier levels
to $128.1 million. In addition, Navigant had approximately
$270 million additional borrowing capacity available under its
credit facility.
The company repurchased 579,694 shares during second quarter 2013
for $7.5 million at an average price of $12.85 per share. Leverage
(Debt divided by trailing twelve month Adjusted EBITDA) improved to
1.03 at June 30, 2013 versus 1.61 in the year ago period
Outlook
For full year 2013, Navigant expects total revenue to be in the
range of $820 million to $850 million. RBR is expected in the range
of $740 million to $770 million. Adjusted earnings per share are
expected in the range of 95 cents to $1.05. Adjusted EBITDA is
expected to range between $115 and $120 million.
Navigant continues to strengthen its leadership in financial
services, healthcare, and energy sectors, while optimizing the
portfolio for sustainable and profitable growth.
Navigant currently has a Zacks Rank #4 (Sell). Other stocks that
look promising in the industry and are worth a look include
Franklin Covey Co. (FC), Gartner
Inc. (IT) and NV5 Holdings, Inc (NVEEU),
each carrying a Zacks Rank #2 (Buy).
FRANKLIN COVEY (FC): Free Stock Analysis Report
GARTNER INC -A (IT): Free Stock Analysis Report
NAVIGANT CONSLT (NCI): Free Stock Analysis Report
NV5 HOLDING INC (NVEEU): Get Free Report
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