Arbitron Inc.(ARB), a media and marketing research firm, Wednesday reported higher profit for the third quarter as revenues grew 8.3% from last year. Also, the company stood by its previous forecast for the full-year earnings and revenue.
For the three-month period, Arbitron posted net income of $15.8 million or $0.59 per share, compared to $15.4 million or $0.55 for the prior-year period. Earnings reported for the quarter included a pre-tax non-cash charge of $0.02 related to software enhancements.
Analysts, on average, polled by Thomson Reuters estimated earnings of $0.60 per share for the quarter. Analyst estimates typically exclude one-time items.
Revenue edged up 8.3% to stand at $114.3 million, compared to $105.6 million in the third quarter of 2011, surpassing analysts' consensus of $110.88 million. The company cited the nearly completed phase-in of contracted price increases for the Portable People Meter and a swell in the multi-year radio ratings contracts as the reason for the rise.
The company reiterated its full-year earnings per share guidance range of $2.15 to $2.30, an increase of 8 to 15% from last year. Analysts expect full-year earnings of $2.26 per share.
Arbitron still expects 2012 revenue to increase between 5% and 7%.
Tuesday the stock closed at $37.27 on the NYSE.
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