Cubic Corp. Q1 Loss Widens; Sees 2020 Results In Line With View

(RTTNews) - Cubic Corp. (CUB) reported that its net loss attributable to the company for the first quarter ended December 31, 2019 widened to $20.58 million or $0.66 per share from the prior year's $6.59 million or $0.23 per share, reflecting an increase in operating loss and higher taxes.

Adjusted net loss was $3.7 million or $0.12 per share, compared to Adjusted net income of $9.1 millio, or $0.32 per share, in the first quarter of fiscal 2019, reflecting lower Adjusted EBITDA and an increase in taxes and depreciation expense.

Operating loss for the first quarter widened to $6.5 million, from last year's $0.6 million hurt by incremental growth investments in the Missions Solutions segment. Additionally, unallocated corporate expenses increased to $12.2 million, compared to $9.6 million in the first quarter of fiscal 2019, primarily driven by an increase in stock-based compensation expense.

Sales for the first quarter of fiscal 2020 increased 8% as reported and 6% on an organic basis to $328.8 million, from last year, reflecting growth in all three segments.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.08 per share and revenues of $322.47 million for the quarter. Analysts' estimates typically exclude special items.

For 2020, the company expects adjusted earnings per share to be in the range of $3.10 to $3.70, and sales of $1.58 billion - $1.64 billion. Wall Street currently is looking for fiscal year 2020 earnings of $3.32 per share on annual revenues of $1.60 billion for fiscal year 2020.