WidePoint Increases Fiscal Year 2020 EBITDA Guidance by 50%
WidePoint Corporation (NYSE American: WYY) has significantly increased its fiscal 2020 EBITDA guidance to between $4.7 million and $4.9 million, a remarkable 50% increase from previous estimates and 69% year-over-year growth.
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Rhea-AI Summary
WidePoint Corporation (NYSE American: WYY) has significantly increased its fiscal 2020 EBITDA guidance to between $4.7 million and $4.9 million, a remarkable 50% increase from previous estimates and 69% year-over-year growth. Revenue expectations remain at $185 million to $195 million. The company attributes this positive outlook to additions of high-margin business and improved operational efficiency, indicating fiscal 2020 will be a record year, according to CEO Jin Kang.
Positive
- Increased EBITDA guidance to $4.7-$4.9 million, a 50% increase from prior guidance.
- 69% year-over-year increase in EBITDA compared to fiscal 2019.
- Adjusted EBITDA guidance of $5.5-$5.7 million, a 57% year-over-year increase.
Negative
- None.
Details
News Market Reaction – WYY
The recorded move for WYY in the trading session of this news was -2.21%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Company Increases Fiscal 2020 EBITDA Guidance to Between
FAIRFAX, Va., Oct. 26, 2020 (GLOBE NEWSWIRE) -- WidePoint Corporation (NYSE American: WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Telecommunications Lifecycle Management, Identity Management and Digital Billing & Analytics solutions, has updated its financial outlook for the fiscal year ending December 31, 2020.
On June 18, 2020, WidePoint issued revenue guidance of
“Throughout the year, we’ve added higher margin business and improved our operational efficiency, both of which are driving a more profitable year than we originally anticipated,” said WidePoint’s CEO, Jin Kang. “By nearly every metric, fiscal 2020 will be a record year for WidePoint. We look forward to leveraging the momentum of this year to build a stronger organization that will continue to prosper for many years to come.”
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading provider of trusted mobility management (TM2) solutions, including telecom management, mobile management, identity management, and digital billing and analytics. For more information, visit widepoint.com.
Investor Relations:
Gateway Investor Relations
Matt Glover or Charlie Schumacher
949-574-3860
WYY@gatewayir.com
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