NEW YORK - BrightView Holdings , Inc. (NYSE:BV), the leading commercial landscaping services company in the United States, saw its shares plunge 9.5% Thursday after reporting fourth quarter earnings that fell short of analyst expectations, despite beating revenue estimates.
The Blue Bell, Pennsylvania-based company reported Q4 adjusted earnings per share of $0.11, missing the analyst consensus of $0.31 by a wide margin. However, revenue for the quarter came in at $728.7 million, surpassing the consensus estimate of $723.19 million.
BrightView's fourth quarter total revenue decreased 2.0% YoY to $728.7 million, while net income increased 56.1% YoY to $25.6 million. Adjusted EBITDA rose 3.5% YoY to a fourth quarter record of $105.2 million.
"Fourth quarter results reconfirmed the delivery of a breakout year in fiscal 2024 as we continue to transform this business," said BrightView President and CEO Dale Asplund. "Our One BrightView culture is gaining traction, and we are positioned for fiscal 2025 to be a second consecutive record year."
For fiscal year 2025, BrightView provided revenue guidance of $2.75-2.84 billion, in line with the analyst consensus of $2.76 billion.
The company's Maintenance Services segment saw revenue decline 6.6% YoY to $486.5 million in Q4, while Development Services revenue increased 8.6% YoY to $244.1 million.
BrightView ended the fiscal year with total net financial debt of $736.9 million, down from $870.5 million a year earlier. The company's net debt to adjusted EBITDA ratio improved to 2.3x from 2.9x at the end of fiscal 2023.
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