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J2 Global Q3 Profit Down

(RTTNews) - j2 Global, Inc. (JCOM) reported that its GAAP net income for the third quarter ended September 30, 2018 decreased by 5.2% to $30.7 million from $32.4 million in the prior year. GAAP earnings per share decreased 7.6% to $0.61 from $0.66 last year.

Adjusted non-GAAP earnings per share for the quarter increased 14.2% to $1.53 compared to $1.34 in the prior year.

Quarterly revenues increased 7.0% to a third quarter record of $292.7 million compared to $273.6 million last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.51 per share and revenues of $294.9 million for the quarter. Analysts' estimates typically exclude special items.

For fiscal 2018, the company reaffirms its estimates that it will achieve revenues between $1.20 billion and $1.25 billion and Adjusted EBITDA between $480 million and $505 million. In addition, the Company is reaffirming its previously revised estimates that it will achieve Adjusted non-GAAP earnings per share to between $6.16 and $6.46.

Wall Street currently is looking for fiscal year 2018 earnings of $6.25 per share on annual revenues of $1.21 billion.

j2's Board of Directors approved a quarterly cash dividend of $0.4350 per common share, a $0.01, or 2.4% increase versus last quarter's dividend. This is j2's twenty-ninth consecutive quarterly dividend increase since its first quarterly dividend in September 2011. The dividend will be paid on December 5, 2018 to all shareholders of record as of the close of business on November 19, 2018.
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