On October 26, 2023, CBIZ Inc (CBZ, Financial), a leading provider of financial, insurance, and advisory services, announced its third-quarter and nine-month results for the period ending September 30, 2023. The company reported a significant increase in revenue and net income for both periods.
Financial Highlights
For the third quarter of 2023, CBIZ recorded revenue of $410.5 million, an increase of 13.0% compared to the same period in 2022. Net income for the quarter was $33.7 million, up by 22.6% from the previous year. Adjusted earnings per share (EPS) increased by 29.4% to $0.66.
For the nine-month period ending September 30, 2023, CBIZ reported revenue of $1,263.6 million, a 13.1% increase over the same period in 2022. Net income for this period was $133.7 million, a 14.4% increase from the previous year. Adjusted EPS for the nine-month period increased by 15.6% to $2.67.
Company Performance and Outlook
CBIZ's President and Chief Executive Officer, Jerry Grisko, expressed satisfaction with the company's strong third-quarter results. He noted that both of the company's major divisions posted solid results and that the company continues to experience strong demand for its services.
Looking ahead, CBIZ expects its revenue to grow within a range of 10% to 12% over the prior year. The company also anticipates its GAAP fully diluted earnings per share to grow within a range of 15% to 17%, to $2.31 to $2.36 per share, over the $2.01 per share reported for 2022.
Acquisitions and Share Repurchases
During the nine months ended September 30, 2023, CBIZ repurchased approximately 1.2 million shares of its common stock on the open market. The company also made steady progress with the integration of its latest acquisitions, including three strategic deals and two tuck-in transactions completed earlier this year.
Explore the complete 8-K earnings release (here) from CBIZ Inc for further details.
