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Wednesday, January 31, 2018

=Shutterfly (SFLY) reported earnings on Wed 31 January 2018 (BMO)

Shutterfly beats by $0.26, beats on revs; guides Q1 below consensus; guides FY18 above consensus; acquires Lifetouch for $825 mln in cash
  • Reports Q4 (Dec) earnings of $3.11 per share, excluding non-recurring items, $0.26 better than the Capital IQ Consensus of $2.85; revenues rose 5.8% year/year to $593.8 mln vs the $556.4 mln Capital IQ Consensus.  Consumer net revenues totaled $521.8 million, flat year-over-year which were better than anticipated, as growth in the Shutterfly brand was offset by loss of revenue from the three websites we shut down. Shutterfly Business Solutions net revenues totaled $71.9 million, an 81% year-over-year increase.
  • Co issues downside guidancefor Q1, sees EPS of ($0.96-0.92) vs. ($0.84) Capital IQ Consensus Estimate; sees Q1 revs of $190-194 mln vs. $200.32 mln Capital IQ Consensus Estimate.
  • Co issues upside guidancefor FY18, sees EPS of $1.94-2.38 vs. $1.50 Capital IQ Consensus Estimate; sees FY18 revs of $1.22-1.26 bln vs. $1.21 bln Capital IQ Consensus Estimate. 
  • Co announced a definitive agreement for Shutterfly to acquire privately-held Lifetouch for $825 million in cash. Lifetouch is the clear leader in school photography. The company photographs more than 25 million children annually during the cherished fall picture day tradition, serving more than 10 million households, including more than one million new kindergarten households annually, across more than 50,000 schools. In Lifetouch's fiscal year ended June 30, 2017, Lifetouch revenue was $963.9 million, and EBITDA was $111.3 million (audited).

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