CBIZ Q1 Profit From Cont. Ops Rises - Quick Facts

(RTTNews) - CBIZ Inc. (CBZ) Wednesday said first-quarter net income from continuing operations was $18.0 million or $0.34 per share, compared with $17.1 million, or $0.34 per share reported in 2013.

Two analysts polled by Thomson Reuters expected earnings of $0.38 per share. Analysts estimates typically exclude special items.

Net income fell to $17.29 million from $18.31 million. Earnings per share slid to $0.33 from $0.37. Revenues increased to $208.9 million from $201.2 million reported in 2013. In the first quarter, the company's Financial Services group was hurt by office closings due to the severe weather conditions during the busy season as well as the timing and scope changes in a few government consulting contracts.

The revenue impact of these events in the first quarter was about $2.6 million and the company expects to make this up throughout the year.

The company provides professional business services that help clients better manage their finances and employees.

Steven Gerard, CBIZ Chairman and CEO, said, "For the full year 2014, we continue to expect to achieve revenue growth within a range of 5% - 7% over 2013, and continue to expect to achieve an increase in earnings per share of 15% - 18% over the $0.51 reported for 2013, before adjusting for the impact of any increase in share count related to the Convertible Notes."