Harte Hanks (HHS) – On A Path Toward Revenue Growth


Friday, March 15, 2024

Harte Hanks (NASDAQ: HHS) is a leading global customer experience company whose mission is to partner with clients to provide them with CX strategy, data-driven analytics and actionable insights combined with seamless program execution to better understand, attract, and engage their customers. Using its unparalleled resources and award-winning talent in the areas of Customer Care, Fulfillment and Logistics, and Marketing Services, Harte Hanks has a proven track record of driving results for some of the world’s premier brands including Bank of America, GlaxoSmithKline, Unilever, Pfizer, HBOMax, Volvo, Ford, FedEx, Midea, Sony, and IBM among others. Headquartered in Chelmsford, Massachusetts , Harte Hanks has over 2,500 employees in offices across the Americas, Europe and Asia Pacific .

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Solid Q4 Results. The company reported Q4 revenue of $49.5 million, 4.6% higher than our estimate of $47.3 million. The positive revenue surprise is attributed to higher than expected Customer Care revenue. Adj. EBITDA in the quarter was $5.2 million, which beat our estimate of $3.3 million by a strong 60.3%. The favorable operating results were driven by stronger than expected Customer Care revenue, which carries a higher margins than its other revenue streams.

2024 Outlook.  In our view, the company stands to benefit from several positive developments in 2024. Notably, management highlighted its plans to reduce expenditures, with roughly $6.0 million of savings expected in 2024 and approximately $16.0 million of cost reductions planned over the next two years. Additionally, the company is developing a partnership network it plans to utilize in the coming year.


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