Valassis Communications Inc., (VCI), a provider of media solutions in US and Europe, Thursday reported a decline in the net income, reflecting lower revenues, and missed analyst estimates. The firm also lowered its earnings per share estimate for the full year.
For the three-month period, the company reported earnings of $21.7 million or $0.54 per share, a 17.8 percent decrease from $26.4 million or $0.60 per share during the corresponding quarter last year.
On average, five analysts polled by Thomson Reuters expected earnings per share of $0.69 for the quarter. Analysts' estimates typically exclude one-time items.
The company generated revenues of $482.5 million, a 7 percent decrease from $518.6 last year, while the Street expected the company to report revenues of $489.8 million. The decrease in revenue was due primarily to an anticipated decline in revenues in the Neighborhood Targeted segment due to the change in certain client contracts to a fee-based media placement model.
The company lowered its earnings guidance between $3.05 and $3.20 per share, from $3.50 per share, and adjusted EBITDA to between $290.0 million and $300 million, from $315 million, provided earlier.
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