Deluxe Corp. (DLX) Thursday reported an increase in profit for the first quarter, due mainly to higher revenues.
The Shoreview, Minnesota-based company reported first-quarter net profit of $44.1 million or $0.86 per share, compared to $32.6 million or $0.63 per share last year.
Adjusted earnings for the quarter rose to $0. 88 per share from $0.75 per share in the prior-year quarter. On average, three analysts polled by Thomson Reuters expected the company to earn $0.79 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew 8.1 percent to $378.0 million from $349.8 million in the prior-year quarter.
Looking ahead, the company expects second-quarter earnings in the range of $0.74 to $0.79 per share and adjusted earnings of $0.76 to $0.81 per share. Revenues for the second quarter are anticipated in the range of $353 million to $362 million. Analysts currently expect the company to earn $0.78 per share for the quarter.
The company increased its earnings guidance for the full-year 2012 to a range of $3.12 to $3.32 per share from previous estimate of $3.10 to $3.30 per share. The company also lifted its adjusted earnings guidance to a range of $3.20 to $3.40 per share, compared to prior estimate of $3.10 to $3.30 per share. Analysts currently expect the company to earn $3.21 per share for the quarter.
Deluxe now expects revenues for 2012 in the range of $1.45 billion to $1.48 billion compared to previous estimate of $1.42 billion to $1.46 billion.
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