Stamps.com stock rallies 16% after Q2 earnings, raised guidance
Stamps.com shares skyrocketed more than 16% in the extended session Wednesday after the company reported adjusted profit and sales well above Wall Street expectations and raised its guidance for the year. Stamps.com said it earned $14 million, or 79 cents a share, in the quarter, compared with $45.5 million, or $2.41 a share, in the second quarter of 2018. Adjusted for one-time items, Stamps.com earned $39.3 million, or $1.25 a share, compared with $63.6 million, or $2.75 a share, a year ago. Sales fell 1% to $138.8 million, compared with $139.6 million in the second quarter of 2018. Analysts polled by FactSt had expected adjusted earnings of $1 a share on sales of $130 million. For 2019, the company said it expects revenue to fall between $520 million and $560 million, compared with a previous guidance of $510 million to $560 million. Stamps.com said it expects profit for the year to range between $27 million and $45 million, versus a previous guidance of $21 million to $45 million.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.