Cbiz Inc Stock Price, News & Analysis

CBIZ, a leading provider of financial, insurance, and advisory services, will announce its financial results for Q3 and the nine-month period ending September 30, 2021, before markets open on October 28, 2021. A conference call hosted by President and CEO Jerry Grisko and CFO Ware Grove will follow at 11 a.m. ET on the same day, available via webcast. The company operates more than 100 offices across 31 states, providing services including accounting, tax, and employee benefits consulting.

The Q3 2021 CBIZ Main Street Index reveals that while small and mid-sized businesses are concerned about the ongoing effects of the COVID-19 pandemic, 64% are not mandating employee vaccinations. Additionally, 31% of businesses express worries about potential tax policy changes, a concern not noted in the previous quarter. Inflation is significantly impacting business confidence, while 12% reported experiencing a cyberattack. Notably, nearly 28% of businesses are proactively improving their supply chain management in response to increasing disruptions.

The CBIZ Small Business Employment Index reported a 0.21% increase in small business hiring for September, reversing August's decline. This positive growth comes amid ongoing Delta variant concerns, providing insight into trends for companies with 300 or fewer employees. Notably, 22% of surveyed companies expanded employment while 52% made no changes and 26% reduced staffing. Regional hiring varied, with the West seeing a 2.34% increase, while the Northeast experienced a -0.51% decline. Looking ahead, CBIZ anticipates potential seasonal growth despite emerging challenges.

The CBIZ Small Business Employment Index (SBEI) reported a 1.79% decrease in hiring for August, reversing previous growth. The index, tracking over 3,600 small businesses, highlights challenges amid COVID-19 surges and labor shortages. The Central region experienced the largest decline at -2.52%. Although small businesses only accounted for 86,000 new jobs in the ADP report, the broader economic environment indicates difficulties for small businesses, complicating recovery efforts.

CBIZ, Inc. (NYSE: CBZ) has acquired the non-attest assets of Shea Labagh Dobberstein (SLD), enhancing its service offerings in Northern California. This acquisition, effective September 1, 2021, adds SLD’s 95 employees and approximately $30 million in annual revenue to CBIZ's portfolio. CBIZ aims to expand its brand presence on the West Coast through this partnership. Both firms emphasize a cultural fit focused on client service, with expected growth opportunities for clients and staff alike.

CBIZ, a prominent provider of financial, insurance, and advisory services, will host a virtual Investor Day on September 14, 2021, from 10:00 a.m. ET to 12:00 p.m. ET. The event commemorates the company's 25th anniversary and will feature discussions on its strategy, financial performance, and outlook by senior leadership, including the CEO and CFO. Investors can preregister for the event on the company's website, and a webcast will be available for viewing. A replay will also be accessible after the event.

CBIZ, Inc. (NYSE: CBZ) has appointed Richard T. Marabito as an independent director on its Board of Directors, expanding its membership from 10 to 11. Effective August 12, 2021, Marabito, who is currently the CEO of Olympic Steel, will also serve on the Audit Committee. His extensive experience includes 18 years as CFO and over two decades in the public accounting sector. CBIZ Chairman Steven L. Gerard expressed confidence that Marabito's leadership and expertise will benefit the company significantly.

The CBIZ Small Business Employment Index (SBEI) reported a 1.99% increase for July, marking the second consecutive month of growth in hiring among small businesses. The index reflects payroll trends from over 3,600 companies with 300 or fewer employees. Notably, 91,000 jobs were added by small businesses in July, contributing to a total of 330,000 private-sector jobs added. Regional hiring was strongest in the Southeast (3.04%), while the West saw a slight decline (-0.09%). Concerns about virus variants may impact future employment trends.

CBIZ reported strong second-quarter results for 2021, achieving $278.6 million in revenue, a 17.6% increase year-over-year. Growth was fueled by acquired operations, contributing $16.9 million, and a 10.5% rise in same-unit revenue. However, income from continuing operations fell to $8.6 million due to a $30.5 million pretax charge from a settlement. Adjusted EPS rose to $0.50, a 28.2% increase. For 2021, the company raised its revenue growth guidance to 10%-12%, with expectations for adjusted diluted EPS growth of 12%-15%.