GrubHub beats by $0.04, beats on revs; guides Q4 revs above consensus, but guides Q4 EBITDA below consensus as co invests in marketing and delivery expansion; COO resigns, co will eliminate position
- Reports Q3 (Sep) earnings of $0.45 per share, excluding non-recurring items, $0.04 better than the S&P Capital IQ Consensus of $0.41; revenues rose 51.6% year/year to $247.23 mln vs the $238.7 mln S&P Capital IQ Consensus and vs prior guidance of $232-240 mln.
- Adjusted EBITDA rose 41% YoY to $60.1 mln, in-line with prior guidance of $58-64 mln but below consensus of $62.7 mln.
- Co issues upside guidance for Q4, sees Q4 revs of $283-293 mln vs. $270.6 mln S&P Capital IQ Consensus.
- Co guides to Q4 adjusted EBITDA of $40-50 mln vs consensus of $72.5 mln.
- Weak guidance may be due to co saying it will invest an incremental $20-30 mln in marketing and delivery expansion in Q4.
- Also, in an 8-K filing, co says its COO Stan Chia has tendered his resignation, effective on Nov 16, to pursue another opportunity. The resignation was not a result of any disagreement with the company or any matter relating to its operations, policies or procedures. The company is eliminating the position of COO.
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