Wednesday, media and marketing services provider Valassis Communications Inc. (VCI) provided its earnings guidance for fiscal 2010, anticipating earnings per share, excluding special items, well above the street's estimate.
The Livonia, Michigan-based company said it expects net earnings for fiscal 2010 to be $80.70 million and cash earnings per share to be $2.48 per share.
The cash earnings estimate includes a $1.00 per share of depreciation, $0.25 per share of amortization and a $0.12 per share of stock based compensation expense. Also included in the cash earnings are capital expenditures of $0.50 per share.
Excluding these items, the company expects fiscal 2010 earnings to be $1.61 per share.
On average, six analysts polled by Thomson Reuters expected the company to earn $1.53 per share for fiscal 2010. Analysts estimates typically exclude special items.
Commenting on the outlook, Valassis chairman, president and chief executive officer, Alan Schultz said, "Consumer demand for our products remains strong. Our full-year 2010 guidance is based on the continuing success of our products, strategy and team."
Further, the company said it expects adjusted EBITDA of about $280 million and capital expenditures to be $25 million for fiscal 2010.
VCI is currently trading at $18.57, up $2.26 or 13.86% on a volume of 917,483 shares on the NYSE.
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