J2 Global Q4 Profit Down

J2 Global Inc. (JCOM) reported that its fourth-quarter GAAP net income decreased 52.8% to $58.1 million from last year's $123.0 million primarily due to the recognition of a $53.7 million tax benefit in the prior year as the result of an intra-entity transfer as part of the reorganization of its international operating structure; no similar benefit was recognized in the latest-quarter. GAAP earnings per share decreased 48.2% to $1.27 from $2.45 in the previous year.

Adjusted non-GAAP earnings per share for the quarter increased 30.7% to $3.11 from $2.38 in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $2.79 per share for the fourth-quarter. Analysts' estimates typically exclude special items.

Quarterly revenues increased 15.7% to $469.2 million from $405.6 million last year. Analysts expected revenue of $433.96 million for the quarter.

Looking ahead for fiscal year 2021, the company expects adjusted net income per share to be in the range of $8.93 - $9.27, revenue of $1.63 billion - $1.676 billion. Wall Street currently is looking for fiscal year 2021 earnings of $8.71 per share on annual revenues of $1.62 billion.

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