Shares of ValueClick, Inc. (VCLK) tumbled more than 15 percent in extended trades on Tuesday after the online advertising service provider forecast second-quarter results below analysts' expectations. However, the company's net income for the first quarter rose 22 percent on revenue growth as well as lower expenses and beat analysts' estimates.
John Giuliani, president and chief executive officer of ValueClick said, "2013 is a transformational year for ValueClick, as we raise our long-term growth potential by integrating our multiple offerings and leveraging our core strengths in data, personalization and cross-device targeting. As we mentioned during our recent analyst day, short-term disruptions will occur as we integrate multiple offerings and geographies."
By segment, affiliate marketing revenues for the first quarter grew 3 percent from the year-ago period to $38.31 million, while media revenue increased 19 percent to $96.26 million and revenue from owned & operated websites rose 8 percent to $30.96 million.
ValueClick's first-quarter net income was $26.28 million or $0.34 per share, up from $21.57 million or $0.26 per share in the previous-year quarter.
Excluding stock-based compensation and amortization of acquired intangible assets, adjusted net income was $32.71 million or $0.42 per share, compared to $29.85 million or $0.36 per share in the year-ago period. On average, 13 analysts polled by Thomson Reuters expected the company to earn $0.40 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter grew 13 percent to $165.44 million from $146.43 million in the prior-year period. Analysts had a consensus revenue estimate of $166.73 million.
Total operating expenses declined to $61.30 million from $62.90 million in the same period last year.
Looking ahead to the second quarter, ValueClick forecasts earnings of $0.29 to $0.30 per share, adjusted earnings of $0.38 to $0.40 per share, and revenues of $164 million to $168 million. Analysts currently estimate earnings of $0.41 per share for the quarter on revenues of $175.60 million.
ValueClick also said that its board of directors has authorized an increase to the company's share repurchase program of about $61 million, raising the company's total authorization to $150 million.
VLCK closed Tuesday's regular trading session at $31.74, up $0.02 or 0.06 percent on a volume of 1.57 million shares. In after-hours, the stock declined $5.04 or 15.88 percent to $26.81.
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