Cubic Reports First Quarter Fiscal Year 2020 Results; Reaffirms Full Year Guidance

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[{"type":"text","content":" SAN DIEGO--(BUSINESS WIRE)--\nCubic Corporation (NYSE: CUB) today announced its financial results for the first quarter ended December 31, 2019.\n\n\nFirst Quarter Fiscal Year 2020 Highlights\n\n\n\nSales of $328.8 million, up 8% year-over-year\n\n\nNet loss from continuing operations attributable to Cubic of $20.0 million, or $0.64 per share, compared to $6.6 million, or $0.23 per share in the first quarter of fiscal 2019\n\n\nAdjusted EPS of ($0.12) per share, compared to $0.32 per share in the first quarter of fiscal 2019\n\n\nAdjusted EBITDA of $11.4 million, compared to $20.0 million in the first quarter of fiscal 2019\n\n\nSigned definitive agreement with Moovit to co-develop next-generation mobile solutions\n\n\nClosed Pixia and Delerrok acquisitions, advancing NextMission™ and NextCity™ strategies\n\n\nReaffirmed fiscal 2020 guidance: Sales $1,580 to $1,640 million; Adjusted EBITDA $170 to $190 million; Adjusted EPS $3.10 to $3.70\n\n\n\n“I am pleased with our first quarter sales growth and additional contract wins across each business, while we continued to make incremental growth investments in Cubic Mission Solutions,” said Bradley H. Feldmann, chairman, president and chief executive officer of Cubic Corporation. “We remain focused on delivering on Cubic’s strategic growth plan and we are confident in the full year outlook, which is supported by our large backlog in transportation, recent bookings in defense training and continued robust demand in C4ISR.”\n\n\nFinancial Results Summary(1)\n\n\n\n\n\n\n\n\nThree Months Ended \n\n\n\n\n\n\n\n\n\nDecember 31, \n\n\n\n\n\n\n\n\n\n2019\n\n\n\n\n2018\n\n\n\n\n\n\n\n\n(in millions, except per share data)\n\n\nSales\n\n\n\n\n$\n\n\n\n328.8\n\n\n\n \n\n\n\n\n$\n\n\n\n305.3\n\n\n\n \n\n\n\n\nOperating loss\n\n\n\n\n\n(6.5\n\n\n\n)\n\n\n\n\n\n(0.6\n\n\n\n)\n\n\n\n\nAdjusted EBITDA\n\n\n\n\n\n11.4\n\n\n\n \n\n\n\n\n\n20.0\n\n\n\n \n\n\n\n\nAdjusted net income (loss)\n\n\n\n\n\n(3.7\n\n\n\n)\n\n\n\n\n\n9.1\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nLoss from continuing operations attributable to Cubic before income taxes\n\n\n\n\n$\n\n\n\n(13.7\n\n\n\n)\n\n\n\n\n$\n\n\n\n(4.1\n\n\n\n)\n\n\n\n\nIncome tax provision from continuing operations attributable to Cubic\n\n\n\n\n\n6.2\n\n\n\n \n\n\n\n\n\n2.5\n\n\n\n \n\n\n\n\nNet loss from continuing operations attributable to Cubic\n\n\n\...

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