Move Beats By a Penny - Analyst Blog
17 Agosto 2011 - 6:30AM
Zacks
Online real estate services provider Move, Inc.
(MOVE) reported revenues of $48.9 million in the second quarter of
2011, up 1.2% year over year.
Adjusted EBITDA (Earnings from continuing operations before
interest, taxes, stock-based compensation and charges,
depreciation, amortization and other non-recurring charges) came in
at $6.1 million or 12.6% of revenues compared to $5.6 million or
11% of total revenues in the year-ago quarter.
Net income came
in at $1.2 million or 1 cent per share compared to a net loss of
$1.4 million or 1 cent per share in the year-ago quarter. The
reported figure was better than the Zacks Consensus Estimate of
break-even.
Management believes that as the growing use of market technologies
transforms the real estate industry, the company will have the
opportunity to lead the industry as it
adapts to new technologies that are fundamentally changing how
consumers and real estate professionals
connect.
Going forward, Move expects revenues to come between $46.5 million
and $47 million. Adjusted EBITDA margin is forecasted at around
12%. Move also updated guidance for 2011. The company expects
revenues between
$192 million and $195 million.
EBITDA margin is forecasted at around 13% or $25
million.
Move also
appointed Patty Wehr as Chief Accounting Officer. Ms.
Wehr has been serving Move since 2003 and most recently held the
position of Senior Vice President, Corporate Controller. Prior to
joining Move, Ms. Wehr held various senior financial management
positions, including CFO at Haskel International, vice president of
finance and administration for Fiberspace, Inc., and audit manager
for Deloitte and Touche LLP.
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