Redbox Q3 profit growth surprises, adds loyalty program

By | October 31, 2014

Scalper1 News

Outerwall squeezed more profit from its Redbox DVD-rental kiosk business in the third quarter, cheering investors who have been down on the stock lately. Outerwall (OUTR) stock was up more than 11% in afternoon trading on the stock market today, near 63, a more than four-month high. The company, which also operates Coinstar coin-counting kiosks, hit an all-time high of 74.30 on March 5 but since then has fallen below 52 on concerns about its maturing Redbox business. Late Thursday, Outerwall reported Q3 earnings that beat expectations. The Bellevue, Wash.-based company earned $1.44 a share minus items, up 29% year over year and topping Wall Street’s target of $1.11. Outerwall sales dipped 6% to $553 million, short of the $555 million forecast. “Our focus on managing Outerwall for profitability is driving tangible results,” Outerwall CEO Scott Di Valerio said in a statement. Redbox revenue dipped 11% year over year to… Scalper1 News

Scalper1 News