Corporate News Blog - Hill International Announces Profit Improvement Plan and Reiterates Full Year 2017 Revenue Guidance
ACCESS Newswire
Research Desk Line-up: Wilhelmina Intl. Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 23, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Hill International, Inc. (NYSE: HIL), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=HIL. The Company announced on August 21, 2018, that Hill International and its Board of Directors have initiated numerous initiatives to improve its financial performance. For immediate access to our complimentary reports, including today's coverage, register for free now at:
Discover more of our free reports coverage from other companies within the Management Services industry. Pro-TD has currently selected Wilhelmina International, Inc. (NASDAQ: WHLM) for due-diligence and potential coverage as the Company reported on August 10, 2017, its financial results for Q2 2017 which ended on June 30, 2017. Tune in to our site to register for a free membership, and be among the early birds that get our report on Wilhelmina Intl. when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on HIL; also brushing on WHLM. Go directly to your stock of interest and access today's free coverage at:
The Company intends to lower its cost structure and identify and implement revenue enhancements, for which it is also seeking the help of outside consultants, i.e. Alvarez & Marsal. Hill International has identified estimated annualized pre-tax savings ranging from $27.0 million to $38.0 million. The Company expects that all actions needed to reach these savings are likely to be completed by June 30, 2018.
Implementing Cost Reductions
Hill International commenced cost reductions after the sale of the Company's Construction Claims Group, i.e. in mid-May.
As of now, the Company has lowered its back office workforce by over 70 employees. For this, it has incurred pre-tax restructuring and other charges of nearly $1.2 million for employee termination benefits and related costs and $1.4 million in other pre-tax restructuring charges.
Owing to the cost reductions that have already been implemented, the Company has achieved partial year savings of approximately $3.5 million till December 31, 2017. This figure includes the adjustment for restructuring related costs. In fact, Hill International expects expected annual net savings of nearly $8.0 million in 2018 and beyond.
It is expected that the Company will incur additional future charges of approximately $6.0 million. This would primarily attribute to additional employee related terminations, facilities closures, consolidations and relocations, and vendor rationalization.
Current Backlog
As of June 30, 2017, Hill International's total backlog reached $895 million, which was 1.3% higher than the $883 million reported in March 31, 2017.
Twelve-month backlog as on June 30, 2017, was $320 million, which is 1.2% lower than the $324 million reported at March 31, 2017.
The Company's net bookings during the second quarter of 2017 reached $113 million. This equates to a book-to-bill ratio of 112% compared to net bookings of $261 million during the first half of 2017which equates to a book-to-bill ratio of 133%.
Guidance for 2017
Hill International has reaffirmed its previously issued guidance with its consulting fee revenue in 2017 expected to be in the range of $400 million to $425 million. This is primarily based on current market conditions and the backlog amounts described above.
This guidance shared by Hill International signifies a decrease of approximately 2% to 8% in consulting fee revenue for the year compared to 2016.
About Hill International, Inc.
Hill International provides program management, project management, construction management, and other consulting services to clients in a variety of market sectors. Currently, the Company employs more than 3,300 professionals in over 50 offices worldwide. Engineering News-Record magazine recently ranked Hill International as the eighth largest construction management firm in the United States.
Last Close Stock Review
On Tuesday, August 22, 2017, the stock closed the trading session at $4.55, dropping 4.61% from its previous closing price of $4.77. A total volume of 115.81 thousand shares have exchanged hands. Hill Intl.'s stock price advanced 2.25% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have gained 4.60%. At Tuesday's closing price, the stock's net capitalization stands at $225.59 million.
Pro-Trader Daily:
Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charter holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
NO WARRANTY
PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.
CONTACT
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
