S&P 500 (NYSE:SPY) component Monster Worldwide Inc. (NYSE:MWW) reported net income above Wall Street’s expectations for the first quarter. Monster Worldwide provides global online employment solutions and services in at least 50 countries around the world.
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Monster Worldwide Earnings Cheat Sheet for the First Quarter
Results: Net income for Monster Worldwide Inc. rose to $3.7 million (3 cents per share) vs. $78,000 (0 cents per share) in the same quarter a year earlier. This marks a substantial increase from the year-earlier quarter.
Revenue: Fell 5.9% to $246.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Monster Worldwide Inc. reported adjusted net income of 4 cents per share. By that measure, the company beat the mean estimate of 2 cents per share. It beat the average revenue estimate of $240.5 million.
Quoting Management: Sal Iannuzzi, chairman, president and chief executive officer of Monster Worldwide, said, “Our first quarter 2012 results were driven by better execution in North America and our continued focus on profitability. Our advanced technology product suite, including Career Ad Network, Power Resume Search and SeeMore, continues to be well-received by our customers as evidenced by robust growth in our Government Solutions business and improved results in our Staffing vertical. As we look ahead, we are confident that our ongoing focus on innovation and continued expansion of our advanced product offerings will strengthen Monster’s leadership position globally.”
The company topped expectations last quarter after falling short of forecasts in the fourth quarter of the last fiscal year with net income of 11 cents versus a mean estimate of net income of 12 cents per share.
Revenue has declined for two quarters in a row. In the fourth quarter of the last fiscal year, revenue declined 2% to $250 million from the year-earlier quarter.
Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the second quarter is 5 cents per share, down from 10 cents ninety days ago. For the fiscal year, the average estimate has moved down from 43 cents a share to 25 cents over the last ninety days.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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