UPDATE: SP Plus Posts Higher Q4 Earnings

SP Plus Corp. SP reported a rise in its earnings for the fourth quarter. The company posted quarterly net income of $9.2 million, or $0.41 per share, compared to $5.2 million, or $0.23 per share, in the year-ago period. Excluding one-time items, the company earned $0.35 per share. However, analysts were expecting earnings of $0.28 per share Its revenue came in at $211.5 million in the quarter. Gross profit in the quarter slipped 2% to $44.5 million from $45.7 million, while underlying EBITDA fell to $20.6 million from $21.0 million. G Marc Baumann, President and Chief Executive Officer, stated, "We are pleased with our results for the year, which were in line with our adjusted EPS and adjusted free cash flow guidance. As you may recall, the first quarter of 2014 was challenging due to the weather, but the business recovered nicely in the subsequent months and overall underlying gross profit grew by 4% year-over-year. We are pleased that we made significant progress towards growing gross profit consistent with our long-term annual growth target of 5%-7%. For the full year, SP Plus projects adjusted earnings of $0.93 per share to $1.03 per share and adjusted EBITDA of $83 million to $87 million. SP Plus shares slipped 0.57% to close at $22.76 yesterday.