Hill International, Inc. (NYSE:HIL) Q3 2019 Earnings Conference Call - Final Transcript
Nov 07, 2019 • 08:30 am ET
Welcome to the Hill International Incorporated's Third Quarter Earnings for Fiscal Year 2019 Investor Call. On this call, John Grau of InvestorCom will provide some introductory remarks of the content of the call. John will be followed by Hill International's CEO, Raouf Ghali; and Senior Vice President and Chief Financial Officer, Todd Weintraub. Mr. Ghali will discuss the status of the Company and expectations for Hill's immediate and long-term future. Mr. Weintraub will detail Hill's third quarter results for 2019. As a reminder, this call is being recorded.
John, please begin.
John Glenn Grau
Thank you. To everyone on this call, please note the following. Certain statements made on this call are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and it is our intent that any such statements be protected by the safe harbor created thereby. Except for historical information, the matters set forth herein, including any statement of belief or intent and any statements concerning our future plans and strategies are forward-looking statements. These forward-looking statements are based on our current expectations and assumptions and are subject to risks and uncertainties. We do not intend and undertake no obligation to update any forward-looking statement.
With that, let me turn the call over to Raouf Ghali, Hill International's CEO.
Raouf S. Ghali
Thank you, John, and thank you to everyone on the call. During this quarter, Hill's progress continued. We are ending strong with an EBITDA of $5.6 million and net earnings of $2.5 million, both up from quarter two, and new bookings through the end of September at $393 million.
Today, we will follow the same sequence as our previous earnings call, with a brief update on significant achievements during the quarter. Todd will provide details on the financial results, I will go over some of the major awards since our last call, we will open the call for questions and answers, and then I will provide some closing remarks.
To begin, our bookings continued to be strong due to recent wins in the U.S. and in the Middle East, with new bookings of $393 million through September. This trend is continuing with $45 million in new bookings in October alone. Consulting fee revenue has not yet been impacted by our recent wins and is slightly down in comparison to last quarter. This is mainly due to the completion of projects in some of our U.S. regions and in the Middle East that have caused faster demobilization than our ability to mobilize new staff for new wins and several of our new assignments that were in design and procurement phase required limited resources. With the demobilization now mostly completed and more projects in the construction phase, we expect the revenue trend to be stronger in the coming quarters.
We discussed on our last call a robust aviation market is a key to Hill's growth plan. Since then, we have positioned ourselves with several key hires. It is expected that global passenger traffic will double in the next 20