Resources Connection (RECN) Tops Q1 EPS by 7c, Revenues Beat

Resources Connection (NASDAQ: RECN) reported Q1 EPS of $0.18, $0.07 better than the analyst estimate of $0.11. Revenue for the quarter came in at $178.6 million versus the consensus estimate of $173.6 million.

• Revenue of $178.6 million, up $37.4 million (26.5%) over first quarter of fiscal 2018.
• U.S. revenue* increased 24.8% over first quarter of fiscal 2018.
• European revenue increased 36.5% (35.8% constant currency**) over first quarter of fiscal 2018 (increased 8.6% excluding taskforceacquisition); eleventh successive quarter-over-quarter growth.
• Asia Pacific revenue increased 15.9% (16.1% constant currency**) over first quarter of fiscal 2018.

“These quarterly results reflect where we are headed: driving strategic revenue growth and managing costs across our platform to improve the bottom line,” said Kate Duchene, president and chief executive officer. “We are very pleased by the growth we delivered this quarter in North America, Europe and Asia Pac, as well as the mix of business we are building. As we continue to wind down transformation and acquisition costs over the next few quarters, we intend to deliver more profit to the bottom line. As we have communicated previously, we have strengthened the foundations of the business through our evolution the past 18 months; now we are keenly focused on delivering growth, expense management and improved EBITDA performance.”

For earnings history and earnings-related data on Resources Connection (RECN) click here.

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