The Hackett Group reported a solid first quarter with net revenue up 5% to $65.2 million and pro forma EPS up 9% to $0.24. The company ended the quarter with a strong cash position of $23.3 million and no outstanding debt. However, due to economic uncertainty, the company expects sequential revenue declines of 15% to 20% in the second quarter.
Q1 2020 net revenue was $65.2 million, a 5% increase year-over-year.
Q1 2020 pro forma EPS was $0.24, a 9% increase year-over-year.
Q1 2020 GAAP EPS was $0.17, compared to $0.22 in the same period last year.
The company had a cash balance of $23.3 million at the end of Q1 2020 with no outstanding debt.
Due to the economic uncertainty, the company expects sequential revenue declines of 15% to 20% from Q1 2020 to Q2 2020 and anticipates a significant level of profitability. However, cash balances net of any outstanding debt are not expected to decrease during the second quarter of 2020.
Analyze how earnings announcements historically affect stock price performance