Imagery expert GeoEye Inc. (GEOY) on Monday said third-quarter profit declined from the year-ago period, hurt by higher operating expenses as well as the absence of an year-ago tax benefit. Revenue for the quarter more than doubled from last year. Looking ahead, the company issued earnings guidance for 2009 on the higher side of analysts' expectation.
The company reported that its third-quarter net income decreased to $12.53 million or $0.61 per share from $31.63 million or $1.57 per share reported last year. The company noted that earnings in the year-ago period included a $27.8 million non-recurring net tax benefit that amounted to $1.38 per share of net income.
On average, 4 analysts polled by Thomson Reuters expected the company to report profit of $0.44 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues increased 123% to $79.94 million from $35.84 million last year. Analysts expected revenue of $78.81 million for the quarter.
Domestic revenues were $57.9 million for the third quarter, while International revenues were $22.0 million.
Income from operations increased to $27.72 million from $8.42 million. Operating margin was 34.7% for the third quarter of 2009, compared to 23.5% in the same period last year.
Total operating expenses climbed to $52.23 million from $27.42 million in the prior year, largely due higher depreciation and amortization expenses and direct costs of revenue.
The company recorded an income tax provision of $6.53 million in the just concluded quarter, compared to a benefit of $25.99 million in the prior year.
For the first three quarters of the fiscal, net income dropped to $20.34 million or $0.99 per share from $30.25 million or $1.49 per share in the previous year. Revenues increased to $197.85 million from $105.97 million in the prior year.
Looking ahead, GeoEye sees fiscal 2009 proforma earnings per share in a range of $1.30-$1.45. Analysts expect full year earnings in the range of $1.15-$1.33 per share with a consensus of $1.25 per share.
The company expects fiscal 2009 revenue to be in a range of $275.0 million-$280.0 million. Analysts expect revenue for the year to range between $273.17 million and $277.30 million.
GEOY closed Monday's regular trade at $26.01, up $0.35 or 1.36%, on 133,679 shares. The stock rose 3.81% in the extended trade and was at $27.
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