GP Strategies reports Q3 EPS 20c, consensus 24c
Reports Q3 revenue $123.6M, consensus $127.97M. "Recent developments are favorable for improved operating results in 2019," stated Scott N. Greenberg, CEO of GP Strategies. "GP Strategies has just been selected by a large multi-national insurance company for a global training outsourcing contract, subject to contract negotiations. In addition, we recently won a multi-million dollar contract for a U.S. product training launch with a Japanese automotive manufacturer. We have also seen increased revenue in our engineering & technical services practice, which was the first area of focus by our new sales organization, so I am pleased with the traction resulting from our investment in business development. Implementation expenses related to our new cloud ERP system are expected to decrease significantly, since the Company went live on this system effective October 1, 2018. These expenses totaled $4.9 million in 2017 and $3.0 million for the first nine months of 2018. Based upon these efforts, we believe GP Strategies is strongly positioned for 2019 and beyond."