Ladies and gentlemen, thank you for standing by and welcome to the Cubic Corporation Fourth Quarter and Full Year Fiscal 2019 Earnings Conference Call.[Operator Instructions] I would now like to hand the conference over to your speaker today, Kirsten Nielsen, Vice President of Investor Relations. Thank you. Please go ahead.
Hello everyone, and thank you for joining Cubic's webcast. I'm joined today by Brad Feldmann, Chairman, President and Chief Executive Officer and Anshooman Aga, Executive Vice President and Chief Financial Officer. Before we begin, I'll remind everyone that our presentation contains forward-looking statements that are made pursuant to the Safe Harbor provisions of the federal securities laws. Our most recent SEC filings include risk factors that could cause the Company's actual results to differ materially from our expectations.
In addition, we have included non-GAAP financial measures in our discussion. Reconciliations to the most directly comparable GAAP financial measures can be found in today's press release and in the appendix to today's presentation. With that, I'd like to turn the call over to Brad.
Thank you, Kirsten. Thank you everyone for joining us today. I will start with the summary of our record performance for fiscal 2019, followed by an update on our strategic priorities including today's announcement to exercise our options to acquire the remaining stakes in two companies Pixia and Delerrok. Pixia enhances our C2ISR offering while Delerrok is driving our entry into the public transportation mid-market. Then I'll turn the call over to Anshooman, who will cover the financial results and fiscal 2020 guidance.
Turning to Slide 3, we delivered record level results for sales and adjusted EBITDA in the fourth quarter capping a record year for Cubic. We are very pleased with our full one-year results, with sales up 24%, adjusted EBITDA up 40% and adjusted earnings per share up 43% reflecting strong project delivery on our major transportation contracts, strong demand across the Mission Solutions portfolio and the impact of our recent acquisitions, which performed in line with our expectations. With these strong results we achieved our full year guidance. For guidance, we have assumed constant currency and when adjusting our results for FX impacts, we exceeded the midpoint for sales adjusted EBITDA and adjusted earnings per share.
Turning to Slide 4, in the third quarter, we purchased a 20% stake in Pixia and today, we announced that Cubic has exercised the option to acquire the remaining 80%. The valuation of $250 million reflects a 2020 EBITDA multiple of less than 11 times and is expected to be accretive to adjusted EPS in fiscal 2020.
Anshooman will discuss the expected financial impact of the acquisitions for fiscal 2020. Pixia has been experiencing strong growth driven by customer demand, to provide efficient access to wide area motion imagery. Pixia further enables our real-time battlefield cloud strategy to provide information to the edge of the battlefield.
We expect double-digit adjusted EBITDA growth over the next few years with superior margins and potential upsides as an enabling technology for the
Vice President of Investor Relations
President and Chief `Executive Officer
Executive Vice President & Chief Financial Officer
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