BrightView reports third quarter earnings

BrightView Holdings, Inc. reported unaudited results for the third quarter ended June 30, 2024.

For the third quarter of fiscal 2024, total revenue decreased 3.6% to $738.8 million driven by a $39.2 million year over year decrease in revenue from the company’s commercial landscaping business. These decreases were partially offset by an $11.6 million increase in development services revenue.

For the three months ended June 30, 2024, Adjusted EBITDA increased by $6.1 million to $107.9 million representing a 130 basis point increase in Adjusted EBITDA margin. The increase was due to the increased revenue combined with successful cost management due to ongoing cost management initiatives focused on payroll and overhead costs and reduction in non-core businesses.

For the nine months ended June 30, 2024, total revenue decreased 1.6% to $2,038.4 million driven by a $79.5 million decrease in commercial landscaping business. The decrease was partially offset by $31.5 million of increased revenue from development services revenue and an $11.3 million increase in snow removal revenue compared to the prior year.

For more information on BrightView’s third quarter financials, click here.