Commercial printing service provider Consolidated Graphics Inc. (CGX), Wednesday reported a higher third-quarter profit, helped by increase in digital print revenues and election-related income. As well, both quarterly earnings and revenue came in ahead of Street analysts' estimates.
Moving forward, the company said prospects for the future appear bright. Shares of Consolidated Graphics gained about six percent in morning trade on the New York Stock Exchange.
Houston, Texas-based Consolidated Graphics reported third-quarter net income of $16 million or $1.68 per share, compared with $10.8 million or $1.04 per share last year.
Excluding items, adjusted earnings for the quarter were $16.9 million or $1.75 per share, compared with $12.7 million or$1.22 per share in the prior year.
On average, 3 analysts polled by Thomson Reuters expected earnings of $1.18 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter rose 4 percent to $295 million from $284 million in the prior year. Analysts on consensus estimated revenues of $289.45 million for the quarter.
Digital print revenue for the quarter climbed 3.6 percent, even as the company benefited from robust election-related sales.
Adjusted operating margin for the quarter improved to 8.2 percent from 7.3 percent a year ago.
CGX is trading at $38.75, up $2.15 or 5.87%.
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