Stamps.com Surges on Strong Earnings ReportFriday, October 28, 2011
Stamps.com Inc. hit a new 52-week high on Friday after the online postage and shipping company reported record growth in the third quarter.
The Los Angeles company reported net income of $5.5 million, 52 percent higher than in the same period a year earlier. Revenue rose by 20 percent to $24.9 million, with its corporate postage business, PC Postage, seeing 25 percent growth.
Adjusted for one-time items, per-share profit was 37 cents. Analysts had expected adjusted per-share profit of 29 cents on revenue of $24.5 million.
“We continued to experience record results in nearly every area of our business during the third quarter," said Chief Executive Ken McBride in a statement. “We set new records in many of our key customer metrics, including total paid customers, average revenue per paid customer, customer postage printed and new enterprise seats added during the quarter, and our high volume shipping postage printed amounts continued to exhibit triple-digit growth rates.”
The company raised its revenue forecast and now expects revenues to range between $92 million to more than $102 million, up from an earlier range of $90 million to $100 million. It expects to full-year adjusted net income of $1.20 to $1.40 per share.
Shares closed up $6.82, or 26 percent, to $32.73 on the Nasdaq. Earlier in the session it hit a 52-week high of $32.98.