Breaking News
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

Liquidity Services Profit Rises; Stock Down On Weak Outlook - Update

RELATED NEWS
Trade LQDT now with 
11/29/2012 12:01 PM ET

Liquidity Services Inc. (LQDT: Quote) Thursday reported an increase in profit for the fourth quarter from a year ago, when results were hurt by loss from discontinued operations. Revenues for the quarter surged sharply and topped Street estimates, but were offset by increased expenses.

Moving forward, the company detailed its outlook for fiscal year 2013 and warned of tough business conditions. Liquidity Services shares plummeted 17 percent in morning trade on the Nasdaq.

Washington DC-based Liquidity Services operates various online auction marketplaces for surplus and salvage assets.

The company reported fourth-quarter net income of $5.6 million or $0.17 per share, up from $3 million or $0.10 per share last year.

Results for the prior-year quarter included a loss from discontinued operations of $3.6 million or $0.12 per share. Excluding items, adjusted earnings for the quarter were $13 million or $0.40 per share, compared with $4 million or $0.14 per share a year ago.

On average, 9 analysts polled by Thomson Reuters expected earnings of $0.37 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter increased 52 percent to $122 million from $79 million last year. Analysts expected revenues of $114.59 million for the quarter.

"We continued to benefit from large commercial and government clients placing their trust in us to handle more of their excess inventory and high value capital asset sales, which drove strong growth this quarter," said CEO Bill Angrick.

Expenses for the quarter increased to $114 million, compared with $70 million a year ago.

For the first quarter, Liquidity Services expect adjusted earnings of $0.36 to $0.40 per share. Analysts currently estimate $0.46 per share.

For the fiscal year 2013, the company anticipate adjusted earnings of $2.05 to $2.23 per share, while analysts currently forecast $2.20 per share.

The company's stock is trading at $36.14, down $7.59 or 17.36%, on a volume of 1.8 million shares.

Register
To receive FREE breaking news email alerts for Liquidity Services, Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Chipmaker Advanced Micro Devices Inc. said Thursday after the markets closed that its first quarter loss narrowed from last year, helped by strong revenue growth in its graphics and visual solutions business. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly revenue. After trending higher over the past few sessions, stocks showed a lack of direction throughout the trading day on Thursday. The major averages spent the session bouncing back and forth across the unchanged line before ending the day mixed. While the major averages closed on opposite sides of the unchanged line, they all showed only modest moves. U.S. Secretary Of State John Kerry said Thursday that he and his counterparts from Russia, Ukraine and the European Union have reached an agreement on a preliminary plan for ending the ongoing crisis in Ukraine. Kerry was speaking at the end of the Ukraine contact group's first meeting, comprising the foreign ministers of Russia, Ukraine, the EU and the U.S., in the Swiss city of Geneva.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.