Clear Secure, Inc. (YOU), a technology company that operates biometric travel document verification systems, Tuesday reported higher profit for the second quarter on increased revenue driven primarily by member growth and price increases. Earnings as well as revenue beat analysts' view. The company also provided third-quarter revenue outlook better than the Street view. The stock was up more than 6 percent in pre-market to $20.79.
Net profit was $38.59 million or $0.26 per share for the second quarter, higher than $8.25 million or $0.04 per share in the same quarter a year ago.
Excluding one-time items, earnings were $49.3 million or $0.34 per share, that beat the analysts 'average estimate of $0.26 per share. Analysts' estimates typically exclude special items.
Operating income was $30.34 million, up from $217,000 in the previous year.
Revenue for the quarter increased 24.6 percent to $186.75 million from $149.87 million last year. The consensus estimate was for $183.81 million.
Total Bookings were $197 million, grew 12.5% percent. Second-quarter 2024 Active CLEAR Plus members reached 7.1 million, up 14.8 percent year-on-year.
Looking ahead, the company sees third-quarter revenue in the range of $193 million-$195 million. The Street is looking for revenue of $187.91 million.
Clear Secure stock had closed at $19.47, up 0.83 percent on Monday. It has traded in the range of $15.28 - $24.21 in the last 1 year.
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