Hudson Global (HSON) Tops Q2 EPS by 15c, Revenues Beat

Hudson Global (NASDAQ: HSON) reported Q2 EPS of $0.13, $0.15 better than the analyst estimate of ($0.02). Revenue for the quarter came in at $24.6 million versus the consensus estimate of $23 million.

2020 Second Quarter Summary

• Revenue of $24.6 million decreased 7.0% from the second quarter of 2019 (3.0% in constant currency).
• Adjusted net revenue of $8.9 million decreased 23.4% from the second quarter of 2019 (21.3% in constant currency).
• Net loss improved to $0.8 million, or $0.27 per basic and diluted share, from a net loss of $0.9 million, or $0.29 per basic and diluted share, for the second quarter of 2019. Adjusted net loss per diluted share (Non-GAAP measure)* was $0.13 versus $0.07 in the second quarter of 2019.
• Adjusted EBITDA (Non-GAAP measure)* loss was $0.4 million compared to adjusted EBITDA of $0.3 million in the second quarter of 2019.
• Share count reduced by 16% since December 31, 2018.
• Total cash including restricted cash was $29.9 million at June 30, 2020.

“Our business in the second quarter of 2020 was impacted by the challenging macroeconomic environment caused by COVID-19,” said Jeff Eberwein, Chief Executive Officer of Hudson Global. “Our Asia Pacific region performed the best, growing revenue and adjusted EBITDA versus the prior year. Globally, we have now right-sized the business to better match clients' current needs while retaining the ability to respond quickly as activity rebounds.”

Mr. Eberwein continued, “Our top priority during this difficult time continues to be the health and safety of our team and clients. We are pleased with the resilience of our business thus far, which is a testament to the strength of our clients and the flexibility of our team. Our partnerships with our clients have deepened during this challenging time, and we are well positioned to emerge from this crisis as a stronger partner for our clients.”

For earnings history and earnings-related data on Hudson Global (HSON) click here.

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