BrightView Holdings, Inc. - BV STOCK NEWS

BrightView (NYSE: BV), a leader in commercial landscaping, announced the acquisition of SGS Hawaii, enhancing its presence in the Hawaiian resort sector. SGS Hawaii, founded in 1995, specializes in environmentally friendly landscaping services for hotels and resorts using electric equipment. This acquisition aligns with BrightView’s growth strategy and commitment to sustainability. SGS Hawaii is the second Hawaiian firm acquired by BrightView this year, following the acquisition of Performance Landscapes in January.

BrightView, the leading commercial landscaping services provider in the U.S. (NYSE: BV), announced participation in two upcoming investor conferences in New York City. Management will conduct a fireside chat on June 7 at 10:15 am ET during the Baird 2022 Global Consumer, Technology & Services Conference, and another on June 8 at 8:00 am ET at the UBS Global Industrials & Transportation Conference. Live webcasts and replays will be available on BrightView’s investor website.

BrightView (NYSE: BV) has introduced a comprehensive hurricane preparedness checklist aimed at assisting businesses and homeowners in safeguarding their landscaping against severe weather. Key recommendations include tree pruning to remove weak branches and pre-authorizing clean-up plans post-storm. Charles Gonzalez, a senior vice president with over 30 years in landscaping, emphasizes proactive measures to mitigate property damage. With extensive experience in hurricane recovery, BrightView is poised to deliver swift responses in the aftermath of storms, aiding emergency crews and ensuring essential services remain operational.

BrightView (NYSE: BV) announces the retirement of Chief Financial Officer John A. Feenan, effective September 30, 2022. Brett Urban has been appointed as his successor, effective October 1, 2022. Urban has been with BrightView since 2016 and has played a key role in the company's financial operations, focusing on the Maintenance Services segment, which represents 75% of the company's results. The transition will include a Separation and Transition Services Agreement with Feenan to ensure continuity. Urban's leadership is expected to continue driving growth and shareholder value.

BrightView reported Q2 fiscal 2022 total revenue of $711.9 million, an increase of 9.2% from $651.9 million year-over-year. However, Net Income fell to $0.7 million, down from $6.3 million. Adjusted EBITDA decreased 10.6% to $59.7 million, with a margin drop to 8.4%. Despite a robust growth in Maintenance Land revenue (+8.1%), Maintenance Snow revenue declined to $196.4 million. Guidance for Q3 sees total revenue between $715 - $735 million. Share repurchases totaled over $161 million in FY 2022, reflecting confidence in long-term growth amidst inflationary pressures.

BrightView celebrates Arbor Day's 150th anniversary by partnering with the Arbor Day Foundation to plant 300,000 trees across the U.S. by March 2023. This initiative aims to restore ecosystems impacted by wildfire, deforestation, and invasive species, spanning nine states. BrightView plans to complement the efforts with over 80,000 trees and various plants annually, supporting vital forest ecosystems and enhancing air quality. The tree planting is crucial for a sustainable environment and reflects BrightView's commitment to environmental solutions.

BrightView Holdings, Inc. (NYSE: BV) will host its second quarter earnings conference call on May 5, 2022, at 10 a.m. EDT. The press release with detailed financial results will be issued before the call. Those interested can join by dial-in or through a webcast, with access codes provided. BrightView is the largest provider of commercial landscaping services in the U.S., employing around 20,000 personnel and serving a wide array of customers including corporate properties and healthcare facilities.

BrightView Holdings (NYSE: BV) announced a plan to repurchase 5.9 million shares at $12.33 each, totaling approximately $72.8 million. This represents a 6% discount from the March 11, 2022, closing price. The buyback will be funded through cash reserves and credit facilities, as part of the previously announced repurchase program initiated on December 6, 2021. The transaction is expected to conclude by April 4, 2022. CEO Andrew Masterman expressed gratitude towards MSD Partners for their long-term support.

BrightView Holdings, Inc. (NYSE: BV) has acquired TDE Group, a snow removal and landscaping company based near Detroit. This strategic acquisition marks the 34th addition to BrightView's portfolio, enhancing its operations in the Upper Midwest. TDE employs over 125 staff and caters to well-known clients, including auto manufacturers and the Detroit Metro Airport. Management anticipates that this partnership will provide growth opportunities for both employees and clients, expanding service offerings and reinforcing BrightView’s strong acquisition strategy.