By Kelly Cloonan
Shares of CBIZ declined after the company adjusted its full-year sales outlook as economic and geopolitical headwinds hit its non-recurring service lines.
The stock fell 9% to $70.54 on Thursday. Shares have declined 10% over the past 12 months.
The professional services adviser on Thursday said economic and geopolitical uncertainty is weighing on its non-recurring service lines, which represent a higher proportion of revenue in the remainder of the year.
The company expects such headwinds to continue and has limited visibility into future demand.
As a result, CBIZ lowered the bottom end of its previous revenue outlook for the full-year, guiding for sales of $2.8 billion to $2.95 billion compared to prior expectations for $2.9 billion to $2.95 billion.
The company maintained its full-year outlook for earnings and adjusted earnings per share.
In the first quarter, CBIZ had a profit of $122.8 million or $1.91 a share, for the three months ended March 31, up from $76.9 million, or $1.53 a share, a year earlier.
Adjusted earnings per share were $2.29. Analysts polled by FactSet expected $2.11 per share.
Revenue rose 70% to $838 million compared with $494.3 million a year ago. Analysts expected $860.2 million.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
April 24, 2025 11:59 ET (15:59 GMT)
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