NV5 Global raises FY24 adjusted EPS view to $5.05-$5.11 from $5.00-$5.06

Consensus $5.02. Raises FY24 revenue view to $937M-$942M from $930M-$935M, consensus $931.14M. The company said, “Due to our M&A activity, our intangible asset amortization has increased by $3.1 million compared to the first quarter of last year, and our interest expense has increased by $2.6 million. Our operating margins were also affected during this reporting period by the continuing integration of the Axim and VIS acquisitions. These factors affected our first quarter net income, which was $0.4 million, compared to $5.9 million in the first quarter of last year, our GAAP EPS, which was $0.03 per share compared to $0.39 per share in the first quarter of last year, and our Adjusted EPS, which was $0.66 per share compared to $0.88 per share in the first quarter of last year. Our Adjusted EBITDA increased 4% to $28.7 million, compared to $27.7 million in the first quarter of 2023. We look forward to improving margins throughout the remainder of the year, as reflected in our raised 2024 guidance.”