April 29, 2010 / 10:36 PM / 10 years ago

UPDATE 1-Coinstar Q1 beats, raises FY view; shares jump

* Q1 EPS $0.21 vs est $0.13

* Raises 2010 profit, revenue forecast range

* Shares rise 22 percent after the bell

April 29 (Reuters) - Redbox owner Coinstar Inc (CSTR.O) reported a strong quarterly profit and raised its outlook range for the year, sending shares of the DVD rental-kiosk company up 22 percent.

The results highlighted the resilience of the DVD business, which had slumped sharply during the economic downturn. Analysts have said demand for DVDs could fall further over the next few years as consumers opt for high-definition Blu-ray discs instead.

First-quarter net income attributable to Coinstar rose to $6.4 million, or 21 cents a share, from $2 million, or 7 cents a share, a year earlier.

Revenue rose 47 percent to $350.1 million.

Analysts expected earnings of 13 cents a share, excluding exceptional items, on revenue of $327.5 million, according to Thomson Reuters I/B/E/S.

For 2010, the company upped its forecast to earnings of $1.82 to $1.94 a share on revenue of $1.53 billion to $1.63 billion. In February, it forecast earnings of $1.50 to $1.65 a share on revenue of $1.47 billion to $1.57 billion.

The stock of Coinstar — which provides DVD rental kiosks through unit Redbox Automated Retail LLC and operates coin-counting machines — rose 22 percent, or $8.24, to $46.45 in trading after the closing bell. (Reporting by S. John Tilak, Deepti Govind in Bangalore; Editing by Aradhana Aravindan)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below