Bearish stock to watch: Brightview Holdings Inc (NYSE: BV)

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Brightview Holdings Inc (NYSE: BV), a commercial landscape-services company, stock plunged 18.78% on June 11th, 2020 and continued falling over 0.6% on 12th June, 2020 (as of 11:34 am GMT-4; Source: Google finance).

The company announced the pricing of the previously announced underwritten secondary offering by certain shareholders of 10,000,000 shares of common stock, at the issue price of $13.40 per share. BY is not selling any shares. The Selling shareholders will get all of the proceeds from this secondary offering. This offering is anticipated to close on June 15, 2020, after fulfilling customary closing conditions. The investors considered BV is not much worth and better to sell which lead to price fall of the stock.

On the other hand, for the second quarter of fiscal 2020, the company reported 6.3% fall in the total revenue to $559.1 million on the back of decline in the Maintenance Services Segment due to significantly lower snowfall as compared to historical averages, which was partially offset by increases in Development Services Segment revenues. For the second quarter fiscal 2020, the revenue in the Maintenance Services Segment had fallen by 12.1% to $416.2 million.  The revenue in the Development Services Segment rose 15.8% to $143.6 million in the second quarter due to higher project volumes and an increase in the project completion percentage compared to the 2019 period. The company’s net loss increased to $20.5 million in the second quarter compared to $3.6 million in the 2019 period, mainly due to lower Income from operations and a decrease in Other income, partially offset by a decrease in Interest expense and an increase in the Income tax benefit. Total Adjusted EBITDA fell by 36.3% driven by a decline in Maintenance Services Segment Adjusted EBITDA due to the decremental margins as a result of the lower snow revenue, partially offset by an increase in Development Services Segment Adjusted EBITDA. The company had generated the free Cash Flow for the six months ended March 31, 2020 of $53.3 million, which represents an increase of $28.2 million versus the prior year due to the increase in cash flows from operating activities of $21.0 million and a decrease in capital expenditures of $7.5 million. At the end of March, 2020, the company’s Total Net Financial Debt stood at $1,166.4 million, which reflects a decrease of $7.7 million compared to $1,174.1 million as of March 31, 2019.

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