Jan 31 Online auctioneer Liquidity Services Inc
cut its full-year earnings outlook as it expects
economic uncertainties to hurt retail and industrial supply
Shares of the company, which posted a better-than-expected
first-quarter profit, were down more than 11 percent at $36.40
in trading before the bell.
The company, which auctions surplus and salvage assets, now
expects full-year adjusted earnings of $1.90 to $2.02 per share,
down from its prior view of $2.05 to $2.23 per share.
Analysts on average were expecting earnings of $2.15 per
share, according to Thomson Reuters I/B/E/S.
Washington-headquartered Liquidity runs auction portals like
liquidation.com and truckcenter.com to sell assets ranging from
tablet computers to industrial equipments.
Liquidity said it plans to invest on its technology and
products as it looks to expand its recently acquired businesses.
For the first quarter ended Dec. 31, the company reported
earnings of $6.7 million, or 20 cents per share, compared with
$9.1 million, or 28 cents per share a year earlier.
Excluding items, it earned 41 cents per share.
Revenue rose 15 percent to 122.2 million. Gross merchandise
volume rose 30 percent to $233.4 million.
Analysts on average were expecting earnings of 38 cents per
share, on revenue of $130.7 million.