| Over a week ago | ||||
Virtual Meeting to be… Virtual Meeting to be held on November 4 hosted by Sidoti. | ||||
"While we continue… "While we continue to see improvement across the business and have increased confidence in our ability to forecast our fourth quarter results, there remains uncertainty with regard to the course of the pandemic and related restrictions. As a reminder, the 13-week fourth quarter of this year will be compared with a 14-week fourth quarter of 2019. As a result, we will experience an 8% to 9% year-over-year revenue headwind due to the five less working days in the quarter this year. Further, due to the impact of continued business, travel and physical distancing restrictions caused by the COVID-19 pandemic, net revenues for the first three weeks of the fourth quarter of 2020 declined approximately 5% to 7% year-over-year. Assuming the activity levels of the first three weeks of the quarter continue and considering the impact of five less working days, we anticipate revenues before reimbursements to decline 12% to 15% in the quarter, and we expect EBITDA margin to decline 250 to 350 basis points from the 27.1% achieved in the fourth quarter of 2019. This would result in a mid-single digit decline in net revenue and 125 to 175 basis point decline in EBITDA margin for the 52-week fiscal year 2020 as compared to the 53-week fiscal year 2019. While there are opportunities for near-term improvement, there could also be further reduction to our revenues in the short term due to continued uncertainty," commented Richard Schlenker, Executive Vice President and Chief Financial Officer. | ||||
Reports Q3 revenue… Reports Q3 revenue $98.7M, consensus $92.8M. "We are pleased with the improvements that we have seen across our business and believe that our third quarter results demonstrate resilience in our model. While net revenues declined 2% year-over-year, we expanded EBITDA1 margin by 60 basis points. Companies and governments alike are adopting new ways to conduct business, from testing new procedures and protocols to designing new products and navigating new regulatory challenges. Clients continue to call on Exponent's multi-disciplinary teams for sound advice as they evolve, adapt and innovate," commented Dr. Catherine Corrigan, President and Chief Executive Officer. "The demand for Exponent's interdisciplinary solutions is durable as society continues to raise its expectations for safety, health, sustainability, and reliability, and as technologies continue to increase in complexity. The COVID-19 pandemic has increased complexity in our system, and further challenged society's expectations for health and safety. Despite any risks or uncertainties related to the pandemic that may still be ahead of us, the bar will continue to be raised. Exponent is capitalizing on these persistent secular trends, and we remain focused on demonstrating our leadership through the same seriousness, intellectual rigor, and fact-based analysis that we have employed for over 50 years. These market drivers combined with Exponent's world-class team of subject-matter experts will fuel long-term growth," continued Dr. Corrigan. | ||||
Reports Q3 revenue… Reports Q3 revenue $98.7M, consensus $92.8M. "We are pleased with the improvements that we have seen across our business and believe that our third quarter results demonstrate resilience in our model. While net revenues declined 2% year-over-year, we expanded EBITDA1 margin by 60 basis points. Companies and governments alike are adopting new ways to conduct business, from testing new procedures and protocols to designing new products and navigating new regulatory challenges. Clients continue to call on Exponent's multi-disciplinary teams for sound advice as they evolve, adapt and innovate," commented Dr. Catherine Corrigan, President and Chief Executive Officer. "The demand for Exponent's interdisciplinary solutions is durable as society continues to raise its expectations for safety, health, sustainability, and reliability, and as technologies continue to increase in complexity. The COVID-19 pandemic has increased complexity in our system, and further challenged society's expectations for health and safety. Despite any risks or uncertainties related to the pandemic that may still be ahead of us, the bar will continue to be raised. Exponent is capitalizing on these persistent secular trends, and we remain focused on demonstrating our leadership through the same seriousness, intellectual rigor, and fact-based analysis that we have employed for over 50 years. These market drivers combined with Exponent's world-class team of subject-matter experts will fuel long-term growth," continued Dr. Corrigan. | ||||
Virtual Meeting to be… Virtual Meeting to be held on November 4 hosted by Sidoti. | ||||
| Over a quarter ago | ||||
Reports Q2 revenue… Reports Q2 revenue $92.05M, consensus $88.34M. "We are pleased with the responsiveness of our employees and the adaptiveness of our company to today's uncertain environment. Clients continue to call upon Exponent to address their challenges and to evaluate their opportunities, despite the rapid change and unpredictability that the pandemic has infused into their operating plans. While net revenues declined 12% in the second quarter, the fundamentals of our business remain strong and we continue to operate in a position of financial strength. We ended the quarter with $190 million in cash, cash equivalents and short-term investments, no debt, and reiterated our intent to continue quarterly dividends," commented Catherine Corrigan, president and CEO. | ||||
In a regulatory 8-K… In a regulatory 8-K filing, Exponent announced it has "authorized an additional $45M for share repurchases adding to the existing $30M available under the current authorization for repurchase. In total, the company now has $75M available to repurchase shares." | ||||
Sidoti analyst Marc… Sidoti analyst Marc Riddick upgraded Exponent to Buy from Neutral with an unchanged price target of $80, telling investors that the company's increased accident and litigation related assignments will support his forecast for 21% EPS growth in 2021. | ||||
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Reports Q1 revenue $99M,… Reports Q1 revenue $99M, consensus $102.63M Exponent's fundamentals are sound and our market drivers are strong, despite uncertainties surrounding how and over what timeframe each region will relax business restrictions and physical distancing requirements. Clients continue to retain Exponent for our scientific expertise and sound advice, but the rate of new project engagements has slowed. With our talented workforce intact, we are well-positioned to execute on paused work and the anticipated acceleration of new work as business restrictions are eased. "The COVID-19 pandemic has caused revenues for the first three weeks of the second quarter to decline approximately 15% to 20% as compared to the same period last year. As business restrictions continue, there could be further reduction to our revenues in the short term," commented Richard Schlenker, Executive Vice President and Chief Financial Officer. "We cannot reliably provide revenue and earnings guidance at this time due to the high degree of uncertainty surrounding business, travel and physical distancing restrictions | ||||