Talking to Investor Relations Week about the progress in his business, CEO Joe Lindquist continued to say that his company is growing, taking market share, making revenue increases and striving to grow the bottom line. Bentley Systems generated revenue of $9,025,000 in 2018 for the second consecutive year. It also had an operating profit margin of 4.9% for the quarter. With its IPO on the upcoming calendar, the coming year is looking a lot brighter for the company and its investors.
Bentley Systems showed tremendous progress on the record setting spin-off, its IPO last week. It went up 61% on its market debut on Friday, the same day Bentley Systems was upgraded by four analysts to a buy from neutral rating. Its revenue grew by over 50% in the first quarter alone, which may help them take market share from their competitors.
The company’s 4,000 employees keep its product and service offerings continually changing, meaning that they do not rest on their laurels. This is being demonstrated in the diversity of its recent offerings. Two months ago, it launched the Neptune 5200 EV, which combines 3565 hp with a range of up to 400 miles. Soon, it will launch a global fleet service to provide big rigs, which should have a market exceeding 10,000 units.
Another factor for its success in future is that it is becoming vertically integrated, in comparison to some of its competitors that have outsourced their production to other manufacturers. Bentley Systems, using its 77.4% ownership of the Bentley Racing will take full credit for the ownership of the hybrid Porsche 919 hybrid racing team, which will launch in the coming season. In 2018, Bentley Teams took six different trophies and four out of the top eight spots.
Since 2010, it has been working hard to differentiate itself from its competitors by introducing new solutions, such as its Hummingbird digital cockpit solution which has been in the market for almost 12 years.