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

Conversant profits on track, extends buybacks

By   /   Wednesday, August 6th, 2014  /   Comments Off

Westlake Village-based digital marketing firm Conversant stayed on track with earnings but slightly missed Wall Street’s revenue targets as it committed to returning $150 million more in cash to shareholders through stock buybacks.

    Print       Email

Westlake Village-based digital marketing firm Conversant stayed on track with earnings but slightly missed Wall Street’s revenue targets as it committed to returning $150 million more in cash to shareholders through stock buybacks.

The company formerly known as ValueClick said its non-standard earnings per share were 35 cents for the second quarter of 2014, a more than doubling from the same period a year prior and in line with a survey of 14 analysts by Thomson Financial Network. Revenue was up 7 percent to $137.4 million compared with a year earlier, falling slightly short of analyst estimates of $138.1 million.

Like some other technology companies, Conversant uses several non-standard accounting measures to exclude the impacts of stock-based compensation and discontinued operations.

Despite its ups and downs over the years, Conversant has remained a strong cash machine. Last month, it crossed the $1 billion mark in stock buybacks and exhausted its current buyback program with a purchase of 778,000 shares. Along with earnings, Conversant announced it would plow $150 million more into buybacks.

“Today’s announcement of a $150 million increase in our stock repurchase program underscores our confidence in our strategy and Conversant’s future as a leader in personalized digital marketing,” CEO John Giuliani said in release.

Conversant also issued revenue guidance of $142 million to $148 million for the third quarter, in line with analyst expectations. Shares were down nearly 3 percent to $24.39 in after-hours trading after the news was announced Aug. 6.

    Print       Email

You might also like...

Before merger is approved Albertons & Safeway to sell 168 stores

Read More →