NV5 Global, Inc. (NASDAQ:NVEE) Q3 2018 Earnings Conference Call Transcript
Nov 07, 2018 • 04:30 pm ET
Good afternoon, everyone, and thank you for participating in today's conference call to discuss NV5's financial results for the third quarter ended September 29, 2018. Joining us today are Dickerson Wright, Chairman and CEO of NV5; Michael Rama, CFO of NV5; Alex Hockman, COO of NV5; and Jenna Carrick, IR Manager for NV5. I would now like to turn the call over to Jenna Carrick.
Thank you, operator.
(Forward-Looking Cautionary Statements)
I would like to remind everyone that a webcast replay of this call will also be available via the link provided in today's news release and the Investors section of the Company's website. Any redistribution, retransmission or rebroadcast of this call in any way without the express written consent of NV5 Global is strictly prohibited.
We will begin the call with comments from Dickerson Wright, Chairman and CEO of NV5; followed by an operations update from Alex Hockman, COO, for a review of some of the significant third quarter accomplishments; followed by Michael Rama, CFO, for a review of the third quarter 2018 and year-to-date financial results and outlook for the rest of the year. We will then open the call for your questions.
Dickerson, please go ahead.
Thank you, Jenna, and thank you to everyone joining us for NV5's Third Quarter 2018 Conference Call. After the close of the market today, we issued a news release announcing our financial results for the third quarter and nine months ended September 29, 2018.
We are pleased to report continued excellent performance for the third quarter and year-to-date, which includes positive contributions from our operating verticals. We saw organic growth of 8% for the quarter and 10% year-to-date. In the third quarter, revenues increased 14%. Earnings before interest, depreciation, taxation, amortization or EBITDA increased 10% and net income increased 23%. Adjusted earnings per share for the quarter increased 9% to $0.82 per share over approximately 12 million shares compared to $0.75 a share over 10.8 million shares in the third quarter of 2017, all of which were increases in the third quarter 2018 over the same quarter in 2017. Backlog increased to $342.3 million, representing a 25% increase over the same period in 2017.
As we continue to grow, we strive to create an organization of inclusion with our clients, employees and shareholders. All of us are in this together and we know that this belief in pulling together has contributed to the success of NV5.
Now I will turn the call over to Alex Hockman, NV5's COO, to take a few minutes to highlight some of our specific accomplishments for the quarter.
Thank you, Dickerson, and good afternoon, everyone. Our infrastructure vertical continues to grow organically with large contract awards in our East and West regions. Specifically, in Q3, we were awarded a $5 million contract with the New Jersey Department of Transportation, a $10 million contract with the New York City Department of Transportation and a $20 million contract with California Transportation District 10. NV5 has a long history with