{"id":483938,"date":"2021-04-29T06:34:24","date_gmt":"2021-04-29T10:34:24","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/cbiz-reports-first-quarter-2021-results-raises-full-year-2021-guidance\/"},"modified":"2021-04-29T06:34:24","modified_gmt":"2021-04-29T10:34:24","slug":"cbiz-reports-first-quarter-2021-results-raises-full-year-2021-guidance","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cbiz-reports-first-quarter-2021-results-raises-full-year-2021-guidance\/","title":{"rendered":"CBIZ Reports First-Quarter 2021 Results; Raises Full-Year 2021 Guidance"},"content":{"rendered":"
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FIRST-QUARTER HIGHLIGHTS:<\/h2>\n

– TOTAL REVENUE +8.4%<\/h2>\n

– SAME-UNIT REVENUE +3.6%<\/h2>\n

– EPS FROM CONTINUING OPERATIONS +39.4%<\/h2>\n

– FULL-YEAR 2021 GUIDANCE RAISED TO 8% TO 10% GROWTH IN REVENUE AND 12% TO 15% GROWTH IN EPS<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n CLEVELAND<\/span>, April 29, 2021<\/span> \/PRNewswire\/ —\u00a0CBIZ, Inc. (NYSE: CBZ) (the “Company”) a leading provider of financial, insurance and advisory services, today announced results for the first quarter ended March 31, 2021<\/span>.<\/p>\n

For the 2021 first quarter, CBIZ recorded revenue of $300.7 million<\/span>, an increase of $23.2 million<\/span>, or 8.4%, over the $277.5 million<\/span> reported in the same period in 2020. Newly acquired operations, net of divestitures, contributed $13.3 million<\/span>, or 4.8%, to first quarter 2021 revenue growth. Same-unit revenue increased by $10.0 million<\/span>, or 3.6%, for the quarter, compared with the same period a year ago. Income from continuing operations was $50.2 million<\/span>, or $0.92<\/span> per diluted share in the 2021 first quarter, compared with $36.9 million<\/span>, or $0.66<\/span> per diluted share for the same period a year ago. Adjusted EBITDA for the first quarter was $73.3 million<\/span>, compared with $57.0 million<\/span> for the same period in 2020.<\/p>\n

During the first quarter of 2021, the Company repurchased a total of 1.1 million shares of its common stock. Between March 31, 2021<\/span>, and April 27, 2021<\/span>, the Company repurchased an additional 270,000 shares. The balance outstanding on the Company’s unsecured credit facility on March 31, 2021<\/span>, was $162.0 million<\/span> with $228.7 million<\/span> of unused borrowing capacity.<\/p>\n

\n Jerry Grisko<\/span>, CBIZ President and Chief Executive Officer, said, “Our business experienced strong performance through the first quarter of 2021, and we are pleased to announce ongoing growth in total revenue, same-unit revenue, earnings per share, and adjusted EBITDA over the same period last year.”<\/p>\n

Grisko continued, “In addition to the momentum resulting from our first quarter performance, I am also pleased to announce the acquisition of the non-attest assets and business of Berntson Porter, a leading provider of accounting and related professional services located in Bellevue, Washington<\/span>, with annual revenue of approximately $26 million<\/span>. We’ve been searching for a platform acquisition in the Pacific Northwest for a number of years and are excited to have found the ideal firm with Berntson Porter. Berntson Porter’s outstanding reputation for exceptional client service, commitment to the growth and development of their team members, and service to the communities where they work and live align with CBIZ’s core values and beliefs. We welcome founders Robert Berntson<\/span> and Greg Porter<\/span> and President Mary Actor, in addition to the entire Berntson Porter team to CBIZ.”<\/p>\n

“As a result of our strong performance in the first quarter of this year and the acquisition of Berntson Porter effective May 1, 2021<\/span>, we are revising upward our previously announced guidance. Our revised guidance is to grow revenue between 8% to 10% and earnings per share between 12% to 15% for the full year 2021 compared to the full year 2020,” concluded Grisko.<\/p>\n

\n 2021 Outlook<\/b>\n <\/p>\n