Scalper1 News
DVD rental kiosk operator Redbox posted better-than-expected results in the first quarter, driving sales and profits higher for parent company Outerwall (OUTR). But Redbox expects to see sales decline for the first time ever on a year-over-year basis in the current quarter. Outerwall stock rose 6.3% to 71.60 on Friday after reporting Q1 results late Thursday. The Bellevue, Wash.-based company earned $1.27 a share excluding items, up 37% from a ear earlier, on sales of $600 million, up nearly 4.5%. Analysts polled by Thomson Reuters were expecting Outerwall to earn 93 cents a share on sales of $587 million in the March quarter. Earnings per share were boosted by Outerwall’s stock repurchasing program. It bought back about 6 million shares during the quarter. Redbox expects to see its first year-over-year quarterly revenue decline ever in the June quarter, Wedbush Securities analyst Michael Pachter said in a research note Thursday… Scalper1 News
Scalper1 News