Navigant (NYSE:NCI) today announced financial results for the first quarter ended March 31, 2014.
Financial Summary and Highlights:
- First quarter 2014 revenues before reimbursements (RBR) of $175.1 million and total revenues of $197.7 million.
- Net income from continuing operations of $10.4 million or $0.21 per share; adjusted EPS of $0.20; adjusted EBITDA of $22.3 million.
- Free cash flow of $18.5 million.
- Repurchased 408,992 shares of common stock in first quarter 2014 at an average cost of $18.07 per share.
- Reiterates financial outlook for 2014.
Navigant reported first quarter 2014 RBR of $175.1 million compared to $183.1 million for first quarter 2013. Total revenues for the Company were $197.7 million for first quarter 2014 compared to $209.5 million for first quarter 2013. Net income from continuing operations for first quarter 2014 was $10.4 million, or $0.21 per share, compared to $13.1 million, or $0.26 per share, in the prior year quarter. Adjusted EPS was $0.20 for first quarter 2014 compared to $0.26 for first quarter 2013. Adjusted EBITDA was $22.3 million for first quarter 2014 compared to $29.0 million. Adjusted EBITDA margin (adjusted EBITDA as a percentage of RBR) was 13% for first quarter 2014.
“Our first quarter results positioned us to deliver on our previously stated financial objectives for the company for the 2014 full year. First quarter 2014 RBR was similar to fourth quarter 2013 RBR as we had anticipated, and our profit margins reflected investments we made in expertise and capabilities in both organic and external growth initiatives,” commented Julie Howard, Chief Executive Officer. “While RBR was on target overall for the company, our Energy segment experienced slower growth than expected. We believe the Energy segment will regain its growth momentum with the addition of a new leader who is focused on realigning certain offerings against demand.”