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Wednesday, May 8, 2019
KeyW Holding Corporation (KEYW)
Does First Quarter Miss Matter?
KEYW Holding is a provider of mission-critical cybersecurity, cybersuperiority, and geospatial intelligence solutions to U.S. government defense, intelligence, and national security agencies. Its solution includes collection, processing, analysis, and dissemination of intelligence information in cyberspace and geospace domains.
Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
- 1Q19 Results. KeyW reported revenue of $113.8 million, adjusted EBITDA of $8.8 million, and a GAAP net loss of $0.08 per share. We were at $122 million, $10.4 million, and a net loss of $0.03 per share, respectively. Revenues were anticipated to decline due to the ending of the flight services contract but a push out of certain product revenue caused the miss. Notably, these product revenues are expected to be captured in the second and third quarters.
- Business Development. First quarter awards were $87 million, with the bulk, 79%, from new business and base growth. Quarter-end backlog was flat at $1.1 billion. Trailing twelve month win rate remained relatively unchanged at 48%. The Company continues to expect several of the $100 million opportunities to be awarded over the next several quarters...
*Analyst certification and important disclosures included in full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.