Cannae Reports First Quarter 2019 Results with $1.15 Billion Book Value of Portfolio Company Investments, or $15.99 Per Share
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Cannae Holdings, Inc. (CNNE) Reports Q1 Loss of $0.02, Revenues Miss
May 9, 2019 6:28 AM EDTCannae Holdings, Inc. (NYSE: CNNE) reported Q1 EPS of ($0.02). Revenue for the quarter came in at $292.4 million versus the consensus estimate of $298 million.
Highlights
On February 8, the Company announced the completion of the previously announced acquisition of Dun & Bradstreet ("DNB"). The Company invested approximately $500 million in equity into DNB representing an approximate 24% equity position. Cannae funded its equity investment with cash on hand and $250 million in borrowings under its credit facilitiesDNB management has made substantial progress on its $200 million cost reduction plan target by having taken action on approximately $93 million of... More