Bankrate Inc. (NYSE:RATE) reported its results for the second quarter.
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Bankrate Inc. Earnings Cheat Sheet
Results: Reported a profit of $16.3 million (16 cents per diluted share) in the quarter. Bankrate Inc. had a net loss of $39.7 million or a loss of 44 cents per share in the year-earlier quarter.
Revenue: Rose 24% to $122.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Bankrate Inc. fell short of the mean analyst estimate of 19 cents per share. It fell short of the average revenue estimate of $126.8 million.
Quoting Management: “Our second quarter and first half results were in line with our expectations and consistent with the strategy we outlined earlier this year. We are successfully continuing to transition our insurance business via our quality initiative, which we believe will transform the industry and strengthen our leadership position,” said Thomas R. Evans, President and CEO of Bankrate, Inc. “We believe that our organic traffic, customer conversion, and scale makes Bankrate a unique and important asset to both consumers and financial marketers,” Mr. Evans added.
The company fell short of estimates last quarter after beating the mark the quarter before with net income of 17 cents versus a mean estimate of net income of 14 cents per share.
Looking Forward: For next quarter, analysts have a more positive outlook about the company’s expected results. The average estimate for the third quarter is 20 cents per share, up from 18 cents ninety days ago. Over the past three months, the average estimate for the fiscal year has climbed from 81 cents per to share to 85 cents.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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