Sponsor this section
Loading...
You are here:  Home  >  Banking & Finance  >  Tri-County Public Companies  >  Earnings  >  Current Article

Conversant beats expectations in Q4

By   /   Tuesday, February 11th, 2014  /   Comments Off

Shares of Westlake Village-based Conversant gained sharply in after-hours trading on Feb. 11 as the company delivered profits that beat Wall Street’s expectations and announced big changes designed to lead to growth.

    Print       Email

Shares of Westlake Village-based Conversant gained sharply in after-hours trading on Feb. 11 as the company delivered profits that beat Wall Street’s expectations and announced big changes designed to lead to growth.

Conversant said adjusted profits were $1.56 a share for 2013, beating analyst expectations that averaged $1.48 a share, according to Thomson Financial Network. Full-year revenue was $573.1 million, above analyst expectations of $565.3 million. Fourth-quarter earnings were even stronger, clocking in at a 67 cents a share compared to a predicted 57 cents a share.

The online advertising firm was formerly known as ValueClick until last week, when it changed its name to Conversant and announced that its various business units would be re-aligned around forging a personal connection between branded advertisers and consumers across a range of devices and media formats. Shortly thereafter, the company acquired video advertising firm SET Media for $26 million in cash and $4 million in stock.

“We think [SET Media] will be one of our fastest-growing businesses for quite some time and, size-wise, we think it has the potential to rival any of our other businesses,” CEO John Giuliani told analysts during an earnings conference call.

Shares were up 12.7 percent to $24.50 in after-hours trading after the earnings announcement.

    Print       Email
  • Sign up for email news

    Get the Business Times in your inbox. Sign up for breaking news alerts, our weekly briefing, and more.
    Sign up
  • The Latest Lists

    The Latest Lists

    Purchase the digital version of the 2014 Book of Lists or download Excel versions of our weekly Top 25 lists. [Click here]

  • 2013 Giving Guide

    2013 Giving Guide



    Read our free guide to nonprofits and philanthropy in the Tri-Counties

You might also like...

Neurovision wins $30M jury verdict in trademark suit against NuVasive

Read More →