WidePoint Corporation (NYSEAMERICAN:WYY) is one of the best debt-free IT stocks to buy now.
On May 14, WidePoint Corporation (NYSEAMERICAN:WYY) delivered solid first-quarter results, driven by year-over-year revenue growth at the back of cost management efforts
The company also achieved positive earnings per share despite an extended period of uncertainty at DHS. Revenue in the quarter increased by $7.1 million to $40.6 million, while gross margin was 14%. The company also bounced back to profitability, reporting net income of $77,000, or $0.01 a share, compared to a net loss of $724,000, or $0.08 a share, posted in the same quarter last year.
Widepoint also achieved its 35th consecutive quarter of positive EBITDA of $752,000, representing a 714% year-over-year increase. Free cash flow was up 941% to $674,000, marking a 10th consecutive quarter of positive returns. While the government shutdown did affect the company in the first quarter, a majority of DHS agencies have received funding and budget momentum, acting as a meaningful tailwind.