Zipcar Inc (NASDAQ:ZIP) reported net income above Wall Street’s expectations for the third quarter. Zipcar operates a car sharing network for more than 560,000 members.
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Zipcar Inc Earnings Cheat Sheet
Results: Net income for Zipcar Inc rose to $4.3 million (10 cents per share) vs. $651,000 (2 cents per share) in the same quarter a year earlier. This marks a substantial increase from the year-earlier quarter.
Revenue: Rose 14.9% to $78.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Zipcar Inc beat the mean analyst estimate of one cent per share. It beat the average revenue estimate of $59.3 million.
Quoting Management: “With our strong results in the quarter, we have raised our full-year guidance and we are on track to deliver 2012 as Zipcar’s first full year of profitability on a US GAAP basis. This is an exciting milestone for our company,” commented Scott Griffith, Chairman and CEO. “We expanded our global leadership position by integrating our operations in Barcelona and by acquiring a leading car sharing provider in Austria. Additionally, we have strengthened our technology edge with the successful launch of a new platform and have enhanced both our membership marketing programs and offerings, including a further rollout of our Zipvan cargo van service that is expected to be available in all of our major North American markets in 2013.”
The company topped expectations last quarter after falling short of forecasts in the second quarter with a loss of one cent versus a mean estimate of 0 cents per share.
Looking Forward: The average estimate for the fourth quarter remains unchanged at 9 cents a share. The average estimate hasn’t changed from 2 cents per share for the fiscal year.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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