Scalper1 News
Redbox parent Outerwall (OUTR) got a big boost in the first quarter from cost controls and higher movie rental prices at its kiosks. The Bellevue, Wash.-based company smashed Wall Street’s expectations late Thursday with its March-quarter results. Outerwall earned $2.87 a share excluding items, up 126% year over year, on sales of $609 million, up 1.4%. Analysts polled by Thomson Reuters expected Outerwall to earn $1.64 a share on sales of $593 million. “Outerwall’s strong performance this quarter was the result of continued execution of our strategy of optimizing our core Redbox and Coinstar businesses, scaling ecoATM and improving operational efficiencies across the company,” interim CEO Nora Denzel said in a statement. Outerwall stock jumped more than 12% in early trading Friday to a three-month high of 74.58, but in midday trading on the stock market today it was up 10%, near 74. Redbox rentals decline In Q1, Outerwall’s Redbox… Scalper1 News
Scalper1 News