LendingTree reports EPS in-line, misses on revs; lowers FY16 rev guidance :
- Reports Q3 (Sep) earnings of $0.80 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.80; revenues rose 35.5% year/year to $94.6 mln vs the $96.86 mln Capital IQ Consensus.
- Revenue from non-mortgage products of $41.0 million represents an increase of 60% over third quarter 2015.
- "We delivered our fifth consecutive quarter of record adjusted EBITDA and set a new record for non-mortgage revenue thanks to growth in several categories. And in a quarter where mortgage interest rates hovered near historic lows and mortgage lenders reduced demand, we optimized our business to expand margins and grow profits. Delivering record profitability along with year-over-year revenue growth across all lending categories further solidifies LendingTree's position as a leader in the industry's online transformation."
- Co lowers guidance for FY16, sees FY16 revs of $370-375 mln (prior $380-390 mln) vs. $382.86 mln Capital IQ Consensus Estimate.
- Adjusted EBITDA is expected to remain in the range of $64 - $66 million, or 57% - 62% over to full-year 2015.
- Variable Marketing Margin is now anticipated to be $134 - $137 million, or 41% - 44% over full-year 2015.
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