CBIZ reports Q1 EPS 67c, consensus 70c
Reports Q1 revenue $270M, consensus $278.78M. Same-unit revenue increased by $2.7M, or 1%, for the quarter, compared with the same period a year ago. Jerry Grisko, president and CEO of CBIZ, said, "Our revenue growth in the first quarter was generally in line with our expectations and an improvement over the exceptionally strong first quarter a year ago. As a reminder, the first quarter of 2018 included very strong results from some of our non-core transactional businesses and revenue from two accounting practices that were divested at year-end. In addition, tax compliance work in the first quarter of 2019, which is normally at a seasonal peak, was negatively impacted by delays in IRS-issued regulations and guidance associated with tax reform. This work has been temporarily deferred and is expected to be completed later in the year."