85.7 F
San Fernando
Friday, Mar 29, 2024
Array

Earnings: United Online, Superior Industries

United Online missed Wall Street estimates on both revenue and income in the second quarter. The Woodland Hills Internet service and social-media company reported net income Tuesday of $2.4 million (15 cents a share) for the quarter ended June 30, compared with a loss of $2.3 million (-16 cents) in the same period a year earlier. Revenue dropped 8 percent to $50.1 million. Analysts on average expected net income of 20 cents a share on revenue of $50.4 million, according to Thomson Financial Network. Still, United Online Chief Executive Francis Lobo was pleased with the quarterly results, saying they met or exceeded company expectations. “We continue to make progress on our overall growth strategy and we are intently focused on strengthening our foothold in the e-commerce and loyalty space,” Lobo said in a prepared statement. The company announced results after market close Tuesday. Shares closed Wednesday down 86 cents, or just more than 6 percent, to $12.66 on the Nasdaq. Superior Industries International Inc. beat Wall Street expectations on earnings for the second quarter but missed on revenue. On Wednesday, the Van Nuys aluminum wheel manufacturer reported net income of $6.5 million (24 cents a share) for the quarter ending June 28, compared with net income of $5 million (18 cents) in the same period a year earlier. Revenue fell 7.6 percent to $184 million. Analysts on average expected net income of 16 cents a share on revenue of $188 million, according to Thomson Financial Network. The company is currently relocating from its long-time headquarters in Van Nuys to Southfield, Mich. to put it closer to its Detroit customers. Superior attributed the increase in net income to having lower costs from closing a plant last year in Arkansas and shifting that work to a new, state-of-the-art factory in Mexico. “These results underscore our confidence that we are on the right path to driving higher levels of profitability and delivering strong shareholder returns,” Chief Executive Don Stebbins said in a prepared statement. Shares closed up $1.16, or nearly 7 percent, to $17.91 on the New York Stock Exchange.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

Featured Articles

Related Articles