CBIZ Inc ( (CBZ) ) has realeased its Q3 earnings. Here is a breakdown of the information CBIZ Inc presented to its investors.
CBIZ Inc., a major player in the financial, insurance, and advisory services sector in the United States, has announced its financial results for the third quarter and nine months ending September 30, 2024. The company offers a comprehensive range of services, including accounting, tax, advisory, benefits, insurance, and technology services through over 120 offices across 33 states.
In the third quarter of 2024, CBIZ reported a total revenue increase of 6.9% to $438.9 million, with same-unit revenue rising by 5.1%. The company achieved a 4.2% rise in net income and a notable 27.3% increase in adjusted earnings per share. Nine-month results showed a revenue growth of 7.1% to $1.4 billion, although net income saw a slight decline of 1.5% due to transaction costs. A significant strategic move includes the anticipated acquisition of Marcum LLP, expected to boost CBIZ’s market presence.
CBIZ’s financial performance was bolstered by a 23% increase in adjusted EBITDA for the third quarter and a 7% rise for the nine-month period. Adjusted net income for the third quarter rose significantly, reflecting the company’s operational efficiencies and strategic investments. The pending acquisition of Marcum LLP is set to create a combined entity with annual revenues of approximately $2.8 billion and over 10,000 employees.
Looking ahead, CBIZ maintains a positive outlook, expecting revenue growth between 7% and 9% for the full year 2024. The company is poised for continued expansion and integration of Marcum LLP, which is anticipated to further enhance service capabilities and market reach. Management has reaffirmed its guidance for adjusted earnings per share growth of 10% to 12%, signaling confidence in future performance.
