Premiere Global Services Earnings: Here’s Why Investors are Ambivalent Now
Premiere Global Services, Inc. (NYSE:PGI) delivered a profit and met Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 5.53%.
Premiere Global Services, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 5.26% to $0.20 in the quarter versus EPS of $0.19 in the year-earlier quarter.
Revenue: Rose 4.08% to $132.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Premiere Global Services, Inc. reported adjusted EPS income of $0.2 per share. By that measure, the company missed the mean analyst estimate of $0.2. It beat the average revenue estimate of $132.12 million.
Quoting Management: “With revenue from our SaaS products growing nearly 75% in the second quarter – and over half that growth coming from our audio customers adding iMeet® and GlobalMeet® – we remain pleased with our execution of PGi’s growth strategy,” said Boland T. Jones, PGi founder, chairman and CEO. “The continued growth of our SaaS-based revenue remains a top priority for us, while at the same time we are focused on continuing to drive market share gains through investments in our global distribution and in our acquisition program.
“Over the last few weeks, our year-over-year revenue trends in Europe have slowed, from double-digit to mid-single-digit organic growth rates. We believe this slowdown is related to general economic conditions in the region, and we are confident that PGi continues to have a strong competitive position in the European market. Despite these recent trends, we remain optimistic in both our near- and long-term outlooks for PGi.”
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