CBZ - CBIZ Non-GAAP EPS of $0.53 misses by $0.12 revenue of $388.5M misses by $3.87M

2023-07-27 06:43:07 ET

CBIZ press release ( NYSE: CBZ ): Q2 Non-GAAP EPS of $0.53 misses by $0.12 .

Revenue of $388.5M (+7.3% Y/Y) misses by $3.87M .

2023 Outlook

The Company increased its revenue growth expectations to within a range of 10% to 12% over the prior year, up from previous guidance of within a range of 8% to 10%.

The Company expects an effective tax rate of approximately 28%. The increased rate, up from 25.5% in 2022, will impact diluted earnings per share by approximately $0.08.

The Company expects a weighted average fully diluted share count of approximately 50.5 to 51.0 million shares.

The Company expects 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.

The Company expects Adjusted fully diluted earnings per share to grow within a range of 11% to 13%, to $2.36 to $2.41 per share over the Adjusted earnings per share, of $2.13 per share reported for 2022.

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