Bankrate Inc. Earnings Cheat Sheet: Profit Rises Year-Over-Year
Bankrate Inc. (NYSE:RATE) reported its results for the first quarter. Bankrate Inc. is a publisher, aggregator and distributor of personal finance content on the Internet. The Company provides consumers independent and objective personal finance editorial content across multiple vertical categories including mortgages, deposits, insurance, credit cards, and other categories, such as retirement, automobile loans, and taxes.
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Bankrate Earnings Cheat Sheet for the First Quarter
Results: Net income for Bankrate Inc. rose to $10.2 million (10 cents per share) vs. $5.1 million (6 cents per share) in the same quarter a year earlier. This is a more than twofold rise from the year-earlier quarter.
Revenue: Rose 26.2% to $125 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Bankrate Inc. reported adjusted net income of 18 cents per share. By that measure, the company fell short of mean estimate of 19 cents per share. Analysts were expecting revenue of $126.8 million.
Quoting Management: “Our first quarter results were solid and consistent with our strategy and the guidance we highlighted earlier this year. All of our products posted double digit revenue growth, and we believe that our leading position in the markets we serve will continue to make us the preferred partner for advertisers, financial institutions, card issuers, insurance carriers and agents,” said Thomas R. Evans, President and CEO of Bankrate, Inc. “More and more consumers are visiting our sites when making personal finance-related decisions due to the rich content and breadth of products offered,” Mr. Evans added.
The company fell short of estimates last quarter after beating the mark the quarter before with net income of 17 cents versus a mean estimate of net income of 14 cents per share.
Looking Forward: For next quarter, analysts have a more positive outlook about the company’s expected results. The average estimate for the second quarter is 20 cents per share, up from 18 cents ninety days ago. Over the past three months, the average estimate for the fiscal year has climbed from 81 cents per to share to 85 cents.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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