LendingTree beats by $0.79, beats on revs; guides Q2 revs above consensus; guides FY24 revs above consensus
- Reports Q1 (Mar) earnings of $0.70 per share, $0.79 better than the FactSet Consensus of ($0.09); revenues fell 16.3% year/year to $167.8 mln vs the $162.77 mln FactSet Consensus.
- Co issues upside guidance for Q2, sees Q2 revs of $175-190 mln vs. $168.29 mln FactSet Consensus.
- Co issues upside guidance for FY24, sees FY24 revs of $690-720 mln vs. $670.19 mln FactSet Consensus.
- "We are happy to report quarterly AEBITDA grew 49% YoY, exceeding the high end of our forecast. Our Insurance segment produced very strong performance in the first quarter, growing both revenue and segment profit by double-digits as insurance carrier partners steadily increase their budgets with us," said Doug Lebda, Chairman and CEO. "At the same time, a stable lending environment is benefiting Consumer segment revenue, allowing us to lean back into our marketing efforts to match more customers with the best financial products in our marketplace. We believe we are finally through the worst part of the cycle for our company, when all three of our reportable segments were operating at or near trough revenue levels."
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