ValueClick slips aftermarket on forecasts

ValueClick 2nd quarter media revenue rises, stock slips on 3rd and 4th qtr outlooks

Associated Press

WESTLAKE VILLAGE, Calif. (AP) -- ValueClick Inc. said Thursday its net income rose 20 percent in the second quarter, but the digital marketing company's shares slumped in aftermarket trading as its outlook for the rest of 2012 disappointed Wall Street.

ValueClick said revenue from its media division climbed 75 percent from a year ago. However its third- and fourth-quarter income and revenue forecasts were mostly below analysts' estimates.

Net income grew to $20.3 million, or 25 cents per share, in the second quarter. That's up from $17 million, or 21 cents per share, one year earlier. Revenue increased 29 percent, to $161 million from $125.1 million.

Analysts expected 22 cents per share and $158.2 million, according to FactSet.

Media revenue rose to $91.1 million from $52 million, partly because ValueClick moved its Mediaplex technology business into the media unit. Affiliate marketing revenue increased 3 percent to $33.6 million and revenue from ValueClick-owned and operated sites fell 10 percent to $36.4 million.

In the third quarter ValueClick expects net income of 24 to 25 cents per share and $164 million to $169 million in revenue. Excluding about 12 cents per share in amortization and stock-based compensation expenses, it expects income of 36 to 37 cents per share.

Analysts forecast profit of 26 cents per share, or 37 cents per share excluding special items, on $172.6 million in revenue.

The company estimates a profit of 42 to 43 cents per share in the fourth quarter, or 52 to 53 cents per share excluding special items, on $200 million to $210 million in revenue.

Analysts projected net income of 40 cents per share, or 51 cents per share excluding one-item charges, and revenue of $213.4 million.

In aftermarket trading, ValueClick shares lost 78 cents, or 5 percent, to $14.75. The stock closed up 19 cents at $15.53 in the regular session.

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