Barrington analyst Kevin Steinke reiterated an Outperform rating and $43 price target on SP Plus Corp. after the company reported "strong" Q2 earnings results, with adjusted gross profit growth of 21% year-over-year, better than the analyst's estimate and the consensus, and FY19 adjusted EPS guidance raised by 5c to $2.61-2.71. The company also announced a long-term growth target of sustainable annual gross profit growth of 3%-4% over time. Steinke also noted that the company ramped up share repurchases with a new authorization of $50M.

SP+ Corporation announces its strategic partnership with the City of Jackson, Mississippi, to modernize and enhance the efficiency of on-street parking with a completely new and innovative system. Available this spring, on-street parking customers will be able to pay for parking using new kiosks located throughout the city, in addition to other payment methods, including text-to-pay with their phone, or via the parking.com app. SP+ Corporation will also assist the city with parking enforcement activities. These efforts will be streamlined by providing vehicles equipped with License Plate Recognition technology to enforce expired meter parking and time-limited parking. SP+ will also provide Parking Ambassadors to assist in educating the public on how to use the new parking system, as well as to answer any questions.