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Thursday, November 1, 2018

-=LendingTree (TREE) reported earnings on Thur 1 Nov 2018 (b/o)

  • Oct. 31: #20;  vol. 614K

LendingTree beats by $0.24, misses on revs; guides FY18 revs above consensus, raises EBITDA and Variable Marketing Margin; Lending in new areas offsetting weakness in mortgage, notes mortgage environment continues to worsen

  • Reports Q3 (Sep) earnings of $1.92 per share, excluding non-recurring items, $0.24 better than the S&P Capital IQ Consensus of $1.68; revenues rose 14.9% year/year to $197.1 mln vs the $199.28 mln S&P Capital IQ Consensus.
    • Although the mortgage environment continues to worsen, our other businesses are picking up the slack, enabling us to stay focused on enhancing the mortgage experience.
    • Record revenue from non-mortgage products of $141.8 million in the third quarter represents an increase of 45% over the third quarter 2017.
    • Record personal loans revenue of $38.6 million grew 52% over third quarter 2017.
    • Revenue from credit card offerings grew to $42.7 million, up 8% over the third quarter 2017 and up 10% sequentially.
    • Several other non-mortgage categories experienced year-over-year revenue growth of more than 100%, including student loans, small business loans, and deposits.
    • Mortgage revenue of $55.3 million declined 25% compared to the third quarter 2017, driven by a decline in refinance revenue.
    • More than 9.6 million consumers have now signed up for My LendingTree.
  • Co issues upside guidance for FY18, sees FY18 revs of $765-775 mln (Prior $745-765 mln) vs. $755.62 mln S&P Capital IQ Consensus.
    • Raises Variable Marketing Margin to $283-288 mln from $275-285 mln.
    • Raises EBITDA in the range of $152-155 mln from $148-152 mln.
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