Green Dot’s Quarter Meets Wall Street ForecastsThursday, October 31, 2013
Shares of Green Dot Corp. jumped more than 12 percent in after-hours trading Thursday after the prepaid debit card company reported third quarter adjusted profit that met analysts' expectations.
After the markets closed, the Pasadena company reported net income of $5.2 million (14 cents a share), compared with $8.1 million (23 cents) in the same period a year earlier. Revenue rose 3 percent to $137 million.
Excluding stock-based compensation expenses, adjusted earnings were 24 cents per share. Analysts surveyed by FactSet on average had expected that amount.
Green Dot raised its guidance for full-year adjusted profit to $1.10 to $1.20 a share, up from an earlier $1.05 to $1.20 a share. The Wall Street consensus is for $1.17 a share.
The company separately announced a new deal with longtime partner Wal-Mart Stores Inc. that expands its line of Wal-Mart MoneyCard prepaid debit cards to include six new card types with more personalization options.
Shares earlier closed up 65 cents, or $3 percent, to$21.46 on the New York Stock Exchange, and rose 12.4 percent in after-hours trading.