Zipcar Inc Earnings: A Turnaround to a Profit
Zipcar Inc (NASDAQ:ZIP) reported its results for the fourth quarter. Zipcar operates a car sharing network for more than 560,000 members.
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Zipcar Inc Earnings Cheat Sheet for the Fourth Quarter
Results: Reported a profit of $3.9 million (9 cents per diluted share) in the quarter. Zipcar Inc had a net loss of $1.1 million or a loss 17 cents per share in the year earlier quarter.
Revenue: Rose 20.7% to $62.9 million from the year earlier quarter.
Actual vs. Wall St. Expectations: Zipcar Inc was about in line with expectations as the mean analyst estimate was breaking even. Analysts were expecting revenue of $63.1 million.
Quoting Management: “Our fourth quarter results capped off a record year of revenue and profitability gains,” commented Scott Griffith, Chairman and CEO. “We reported our second consecutive quarter of profitability and posted accelerated growth in our established markets while expanding our global network of cities, both domestically and abroad. In addition to our market leadership in North America, Zipcar stands today as one of the largest car sharing operators in Europe and we look forward to building our presence in this attractive market.”
The company has now topped analyst estimates for the last three quarters. It beat the mark by 3 cents in the third quarter and by 5 cents in the second quarter.
Looking Forward: The average estimate for the first quarter of the next fiscal year is steady at 8 cents a share. For the fiscal year, the average estimate has been unchanged at 37 cents a share.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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