Cars.com Earnings: CARS Stock Revs Higher on Q1 Beat
Cars.com (NYSE:CARS) unveiled its latest quarterly earnings results, which came in stronger than what analysts called for on the company’s revenue mark, playing a role in lifting CARS stock on Friday.
The Chicago, Ill.-based business said that for its first quarter of its fiscal 2019, it brought in a loss of $9 million, which was disappointing when considering that the brand brought in a profit during the same period in its fiscal 2019. The company added that this figure tallied up to 13 cents per share, or 31 cents per share when adjusted for one-time gains and costs.
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Cars.com also amassed revenue of $154.2 million during its first three months of its fiscal 2019, which also came in ahead of what the Wall Street consensus estimate called for. Zacks Investment Research compiled a survey of analysts, which included data from three of them, arriving at an earnings consensus guidance of $152.4 million.
The company added that during its first quarter, the average number of monthly unique visitors increased 16% when compared to the same period a year ago, reaching $22.4 million. Additionally, Cars.com said that traffic increased by 175 points to 132.5 million visits.
Plus, the business reaffirmed the full-year revenue guidance that it had previously shared, which is slated to be somewhere in the range of $628 million to $675 million. Wall Street sees this figure as being about $649 million.
CARS stock is up roughly 6% on Friday following the company’s strong quarterly earnings showing.
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