Navigant Consulting, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Earnings Guidance for the Full Year 2018 and 2019
For the six months, the company's total revenues were $362,781,000 compared to $351,521,000 a year ago. Operating income was $7,986,000 compared to $5,095,000 a year ago. Income from continuing operations before income tax expense was $6,265,000 compared to $3,393,000 a year ago. Net income from continuing operations was $4,531,000 against $3,150,000 a year ago. Net income was $40,679,000 compared to $19,893,000 a year ago. Diluted net income per share data was $0.87 compared to $0.41 a year ago. Net cash provided by operating activities was $18,696,000 compared to net cash used in operating activities of $3,356,000 a year ago. Purchases of property and equipment was $7,455,000 compared to $20,889,000 a year ago. EBITDA was $21,343,000 compared to $20,226,000 a year ago. Adjusted EBITDA was $69,646,000 compared to $60,635,000 a year ago. Adjusted net income was $36,778,000 compared to $24,460,000 a year ago. Adjusted earnings per share was $0.79 compared to $0.50 a year ago.
The company provided earnings guidance for the year 2018. For the year, revenues estimated to be between $740 million and $765 million, revenues before reimbursements (RBR) expected to range between $660 million and $685 million, Adjusted EBITDA expected to range between $52 million and $59 million and Adjusted EPS estimated to be between $0.40 and $0.50 per share.
Management provided a preliminary view of targeted organic 2019 financial performance for continuing operations: RBR growth estimated to be approximately 9% to 12% (compared to full-year 2018); adjusted EBITDA expected to range between $85 million and $95 million; adjusted EPS growth estimated to be approximately 120% (compared to full-year 2018).