Photo sharing website Shutterfly, Inc. (SFLY) reported Wednesday a loss for the first quarter that widened from last year, reflecting higher expenses. However, loss per share came in narrower than analysts' expectations, while quarterly revenues grew 28 percent and topped their estimates. The company also provided earnings and revenue forecast for the fourth quarter and full-year 2013.
"The first quarter was a solid start to the year, with strong execution across our businesses. Capitalizing on our scale, scope and profitability, we continued to enhance our world-class platform across our four lifestyle brands and invest in early stage customer facing initiatives including Wedding, Enterprise, Treat, Mobile and our new Enhanced Cloud Service," President and CEO Jeffrey Housenbold said in a statement.
The Redwood City, California-based Internet-based social expression and personal publishing service provider posted a net loss of $12.41 million or $0.33 per share for the first quarter, wider than $10.04 million or $0.29 per share in the prior-ear quarter.
On average, 12 analysts polled by Thomson Reuters expected the company to report a loss of $0.40 per share for the first quarter. Analysts' estimates typically exclude special items.
Net revenues for the quarter increased 28 percent to $116.71 million from $91.29 million in the same quarter of last year, and topped twelve Wall Street analysts' consensus estimate of $109.74 million.
Consumer net revenues net revenues grew 29 percent year-over-year to $109.8 million, and net revenues from enterprise increased 12 percent to $6.9 million from last year.
Transacting customers totaled 2.25 million, a 20 percent year-over-year increase. Orders also grew 20 percent to 3.42 million from last year, with average order value increasing 7 percent to $32.13 from a year ago.
Gross profit margin for the quarter improved 200 basis points to 47 percent from last year's 45 percent. Total operating expenses grew to $78.82 million from $60.32 million in the year-ago quarter.
"Our acquisition of MyPublisher will enable Shutterfly to engage with new audiences, further extending our footprint in the multi-billion dollar social expression and personal publishing markets," Housenbold added.
Looking ahead to the second quarter, the company expects to report a loss in a range of $0.55 to $0.58 per share, on projected net revenues between $118.0 million and $121.2 million. Analysts currently expect the company to report a loss of $0.35 per share, on quarterly revenues of $119.18 million.
For fiscal 2013, the company anticipates earnings in a range of $0.20 to $0.30 per share, on anticipated annual net revenues between $776 million and $771 million. Street is currently looking for full-year 2013 earnings of $0.49 per share on revenues of $745.90 million.
SFLY closed Wednesday's regular trading session at $44.90, up $0.37 or 0.83% on a volume of 1.17 million shares. The stock gained a further $1.09 or 2.43% in the after-hours trading.
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