Stamps.com (STMP) Wednesday reported a sharp increase in profit for the first quarter, due mainly to a 24 percent increase in revenue and a hefty income tax benefit.
The Los Angeles, California-based company reported first-quarter net profit of $16.36 million or $0.95 per share, compared to $2.68 million or $0.18 per share last year. Earnings for the quarter included an income tax benefit of $11.82 million.
Excluding stock-based compensation expense and non-cash income tax benefit, adjusted net income for the quarter rose to $5.77 million or $0.34 per share from $3.5 million or $0.24 per share in the prior-year quarter. On average, three analysts polled by Thomson Reuters expected the company to earn $0.28 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew 24 percent to $28.29 million from $22.82 million in the prior-year quarter. Four analysts had a consensus revenue estimate of $27.01 million for the quarter.
Looking ahead, the company expects full-year 2012 earnings to range between $1.80 and $2.00 per share. However, the company increased its adjusted earnings guidance for the full year 2012 to a range of $1.35 to $1.55 per share from the previous estimate of $1.25 to $1.45 per share. Analysts currently expect earnings of $1.37 per share for the year.
Stamps.com now expects revenues for 2012 in the range of $107.5 million to $117.5 million compared to previous estimate of $105 million to $115 million. Analysts currently expect revenues of $113.76 million for the year.
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April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.