BrightView reported results for its third fiscal quarter, which ended June 30. The company had a net loss of $1.4 million for the quarter on a record revenue of $630.3 million, which is up about a half percent from the same period last year. In addition, BrightView completed two acquisitions during its third quarter with combined annual revenue of $73.2 million.
The company also went public on July 2, generating approximately $501.2 million for debt repayment.
“Our third quarter was another strong period for us,” BrightView CEO Andrew Masterman said. “We successfully grew top-line revenue from the same period of 2017, recognizing $630.3 million in revenues which is the highest revenue-generating quarter in our history, led by growth in our maintenance services segment.
“Since the quarter ended we successfully completed our IPO, generating net proceeds of $501.2 million,” he said. “We are excited to embark on this new chapter for the company.”
For the third quarter of fiscal year 2018, the company’s consolidated revenue increased 0.4 percent to $630.3 million compared to the same period in 2017. BrightView said this increase is due to 2.9 percent revenue growth within the maintenance services segment, primarily driven by incremental revenues from $26.1 million of businesses acquired. Revenue from the development services segment declined 5.7 percent compared to the same period last year due to several large projects winding down and others starting up.
The $1.4 million net loss, compared to net income of $15.4 million for the third quarter of fiscal year 2017, was primarily driven by an increase in equity-based compensation costs incurred in connection with the IPO and other one-time IPO expenses, BrightView said.
