SP Plus reports Q1 EPS 61c vs 58c last year

Marc Baumann, Chairman and Chief Executive Officer, said, “First quarter results reflected another quarter of strong momentum in several key financial and operating metrics. Gross profit increased 8% year-over-year on both a reported and adjusted basis, and adjusted EBITDA increased 8%, with each measure setting first quarter records for SP+. Our strategy remains firmly on track as we continue to deliver innovative technology solutions and superior operations, expand our addressable market through acquisitions, and monetize technology investments to further accelerate gross profit growth. “In our Commercial division, 4% reported gross profit growth and 5% adjusted gross profit growth was led by increased demand for our services across a broad range of verticals, with particular strength in healthcare, commerce and residential, each posting double-digit same location year-over-year growth. We ended the first quarter with 3,382 commercial locations, representing 6% year-over-year growth, while continuing to maintain our high 94% location retention rate. Our Aviation division had another strong quarter, achieving double-digit gross profit growth in both reported and adjusted gross profit, which were up 19% and 17% respectively, reflecting the benefit from recent airport contract wins, high travel volumes and cross-selling of additional services at airport locations. “SP+ continues to deploy our comprehensive portfolio of technology offerings in order to capitalize on an evolving industry. We added 16 standalone Sphere locations during the first quarter for a total of 86 over the last twelve months, a clear indication of our offerings’ strong appeal and our expanded addressable market. In addition, total technology transactions and their contribution to adjusted gross profit each set a quarterly record, both nearly doubling year-over-year. We remain on track to achieve our goal of generating 10% of our gross profit through technology solutions by 2025. Mr. Baumann concluded, “Our record first quarter performance is directly attributable to the dedication and commitment of our leadership team and team members. Their continued efforts in developing and delivering impactful solutions have been pivotal to our success, and they’re a major reason why SP+ stands at the forefront of the drive toward digital transformation within the parking industry. I greatly appreciate their invaluable contributions toward making every moment matter for a world on the go.”