Welcome to our dedicated page for Cbiz news (Ticker: CBZ), a resource for investors and traders seeking the latest updates and insights on Cbiz stock.
CBIZ, Inc. reports developments tied to its national professional services advisory business for middle-market organizations. Company news centers on financial results, revenue trends in Financial Services, earnings outlooks, free cash flow, share repurchases, and capital allocation.
Updates also cover CBIZ's accounting, tax, advisory, benefits, insurance, and technology capabilities, including post-acquisition integration activity, leadership changes, technology and AI initiatives, and research on middle-market business conditions. Recurring releases frame CBIZ around client service expansion, industry specialization, cost productivity, talent, and technology priorities across its U.S. advisory platform.
The CBIZ Small Business Employment Index (SBEI) reported a 1.18% increase in hiring for October, despite uncertainties surrounding COVID-19 and the U.S. election. Traditionally, October sees lower hiring rates, but robust consumer engagement has driven growth this year. The index tracks over 3,500 small businesses. Notably, hiring rose in all U.S. regions, with the West leading at 2.61%. However, sectors like Construction and Financial Services experienced declines. Future trends may hinge on consumer confidence and potential COVID-19 lockdowns.
CBIZ reported third-quarter results for 2020 with total revenue of $238.4 million, a 0.6% decline year-over-year. Same-unit revenue dropped 2.0%, while EPS from continuing operations rose 12.5% to $0.36. For the nine months ended September 30, total revenue increased by 1.0% to $752.8 million, despite a 0.8% decrease in same-unit revenue. The company repurchased approximately 1.3 million shares in 2020, reflecting confidence in its financial health. CBIZ completed five acquisitions year-to-date, expected to add $24.6 million in annualized revenue.
CBIZ, a prominent provider of financial, insurance, and advisory services, will announce its Q3 and nine-month financial results for 2020 on October 29, 2020, before market opening. A conference call led by President and CEO Jerry Grisko and CFO Ware Grove is scheduled for 11:00 a.m. (ET) on the same day. Interested investors can pre-register for the call through CBIZ's website. Headquartered in the U.S., CBIZ offers a range of services, positioning itself as a leading accounting and insurance brokerage provider.
CBIZ's Main Street Index reveals that over 43% of small to mid-sized U.S. businesses suffered significant impacts from COVID-19. The survey, spanning over 1,600 businesses, shows that 51% reported decreased sales, and nearly 85% utilized the Payroll Protection Program. Smaller firms, especially those with 1-4 employees, were hit hardest, with 48% facing severe challenges. Despite this, over 40% plan to increase marketing spending, indicating a willingness to invest amid uncertainty.
The CBIZ Small Business Employment Index reported a 1.5% increase in hiring for September, marking a surprise growth as businesses typically reduce headcounts during this month. This positive trend reflects a broader economic recovery despite challenges. The report, which analyzes data from over 3,400 small businesses, highlighted growth across all four U.S. regions, with the Central region leading at 1.55%. However, certain industries such as Real Estate and Retail saw declines in hiring.
CBIZ raised over $83,000 during its first-ever virtual fundraising campaign for Dress for Success, more than double the amount from the previous year. The initiative, organized by CBIZ Women's Advantage, saw participation from over 800 employees. Funds will support 46 Dress affiliates across the U.S. amid challenges from the COVID-19 pandemic. Approximately 80% of affiliates reported client layoffs, highlighting the financial hardships faced by women in the workforce. CBIZ's ongoing partnership with Dress for Success has contributed over $585,000 since 2008.
CBIZ, Inc. (NYSE: CBZ) announced the acquisition of assets from ARC Consulting LLC and ARC Placement Group LLC, effective September 1, 2020. ARC, based in San Francisco, specializes in accounting and advisory services for high-growth companies, generating approximately $17.3 million in annual revenue. This acquisition enhances CBIZ's presence in Northern California and expands its service offerings, particularly in IPO advisory and reporting. Both companies aim to leverage this partnership for broader national service delivery and client growth.
CBIZ, Inc. (NYSE: CBZ) appointed A. Haag Sherman as an independent director, effective August 6, 2020, filling the vacancy left by Donald V. Weir's retirement. Sherman brings extensive business and financial expertise, particularly in wealth management and accounting, and will serve on the Audit Committee. His background includes being CEO of Tectonic Financial and co-founding an asset management firm. CBIZ's Board now comprises 10 members, with eight independent directors, enhancing its governance structure and decision-making capabilities.
CBIZ, Inc. (NYSE: CBZ) reported its second-quarter and first-half results for 2020. Total revenue increased by 0.6% to $236.9 million compared to 2019, while same-unit revenue decreased by 1.4%. EPS from continuing operations rose by 30% to $0.39. For the first half, revenue grew 1.8% to $514.4 million, with same-unit revenue down by 0.1%. Adjusted EBITDA increased by 24.7% for the second quarter and 7.4% for the first half. The company also repaid $210 million of borrowed funds, maintaining strong liquidity with $270 million in unused financing capacity.
CBIZ, Inc. (NYSE: CBZ) will report its financial results for the second quarter and first half of 2020 on Thursday, July 30, 2020, before market opening. A conference call will follow at 11:00 a.m. ET, hosted by CBIZ President Jerry Grisko and CFO Ware Grove. Interested investors can pre-register online to receive dial-in information. CBIZ is a prominent provider of financial and advisory services across the U.S., operating over 100 offices in 31 states, focusing on a range of services including accounting, tax, and employee benefits.