The Baldwin Insurance Group guided third-quarter adjusted diluted earnings per share of $0.42 to $0.46 on revenue of $485 million to $495 million, with mid-single-digit organic revenue growth. CFO Bradford Hale said full-year consolidated guidance remains largely unchanged, and the company now expects mid-single-digit organic growth for the full year, exiting with fourth-quarter growth at high single digits or greater. The updated organic-growth outlook reflects revenue impacts from structural changes at legacy IAS as part of the CAC integration, which CEO Trevor Baldwin said caused approximately $8 million of annualized revenue attrition and an anticipated $4 million to $5 million back-half revenue impact. In the second quarter, total revenue was $493 million, adjusted EBITDA rose 37% to $117 million, and adjusted diluted EPS was $0.48, while GAAP net loss attributable to Baldwin was $39 million, or $0.42 per share. The company also deployed an additional $80 million to repurchase about 4 million shares, bringing total buybacks under its $250 million program to roughly half, and ended the quarter with net leverage of approximately 4.5 times.
The Baldwin Insurance Group, Inc.Company issues Q3 guidance and reports Q2 results with strong EBITDA growth, plus additional share buybacks.