Friday, August 16, 2024
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q2 beat. The company delivered solid Q2 with revenue of $828 million, slightly better than our forecast of $812 million, and adj. EBITDA of $35 million, 84% better than our estimate of $19 million. Importantly, we believe the company is nearing the trough of its operating results as its divestiture activity appears to be winding down.
Favorable trends emerging. Importantly, the Commercial segment, the company’s largest by revenue, appears to be trending positively. Management highlighted that new business signings rebounded in Q2. Additionally, the Transportation segment is positioned for sequential revenue growth in the back half of the year, buoyed by a large contract in Australia.
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