Focus Financial Partners Reports Third Quarter 2019 Results
Focus Financial Partners Inc. (FOCS)
Last focus financial partners inc. earnings: 2/20 07:00 am
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Source: GlobeNewswire
Year-Over-Year Revenue Growth above 30% Strong Results Across All Key Metrics NEW YORK, Nov. 07, 2019 (GLOBE NEWSWIRE) -- Focus Financial Partners Inc. (Nasdaq: FOCS) (“Focus Inc.”, “Focus”, the “Company”, “we”, “us” or “our”), a leading partnership of independent, fiduciary wealth management firms, today reported results for its third quarter ended September 30, 2019. Third Quarter 2019 Highlights Total revenues of $316.6 million, reflecting year-over-year growth of 34.3%Organic revenue growth(1) rate of 22.4% year-over-yearGAAP net income of $0.4 millionGAAP basic and diluted net income per share of $0.03Adjusted Net Income(2) of $45.6 million, 33.7% higher than the prior year quarterAdjusted Net Income Per Share(2) of $0.62, reflecting year-over-year growth of 34.8%Closed on incremental $350.0 million Term Loan, using proceeds to repay outstanding Revolver borrowingsRe-affirming annual growth targets of 20% for revenues and Adjusted Net Income Per Share(2)Resetting targeted
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