What happened
Shares of BrightView Holdings (BV -1.65%) jumped on Wednesday after the commercial landscaping-services provider reported its fiscal fourth-quarter results. While the company missed estimates for revenue, the bottom line was better than expected. BrightView stock was up about 15.4% at 3:40 p.m. EST.
So what
The company reported fourth-quarter revenue of $581.8 million, up 2.6% year over year but about $4.2 million lower than the average analyst estimate. Maintenance services revenue was up 3.5% to $433.4 million, while development services revenue was down 0.1% to $149.7 million.
Image source: BrightView Holdings.
Non-GAAP earnings per share came in at $0.35, up from $0.31 in the prior-year period and $0.06 higher than analysts were expecting. BrightView lost $0.11 per share on a GAAP basis, partly due to debt extinguishment charges and fees associated with the company's initial public offering.
Now what
BrightView expects to produce 2019 revenue between $2.4 billion and $2.47 billion, up from $2.35 billion in 2018. CEO Andrew Masterman said, "As we begin our 2019 fiscal year, industry trends remain favorable, our acquisition pipeline is strong, and I am confident that we have the right strategy in place to create significant stockholder value as we continue consolidating our position as the Nation's Landscaper."
