Civitas Solutions (CIVI +24.4%) reports Q4 sales increase 7.7% to $409.5M, primarily driven by 11 acquisitions with total annual revenues of ~$70M
Sales by segment: Community Support Services: $261.3M (+5.4%); Specialty Rehabilitation Services: $91.9M (+14.5%); Children & Family Services: $36.9M (+5.7%); Adult Day Health: $19.4M (+12%).
Gross margin declines ~250bps to 19%; adj. EBITDA margin is down ~90bps to 10.6%; reports operating income of $10.4M as compared to loss to $11.1M; narrows net loss from $10.7M to $1.6M
The company says that they continue to operate in a challenging labor environment, management took actions to stabilize labor costs, strengthen business and generate efficiencies.
Issues FY19 guidance, and expects revenue of $1.66B-$1.71B; adjusted EBITDA to be ~$179M-$184M
Previously: Civitas Solutions beats by $0.17, beats on revenue (Dec. 13)
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