Coinstar ups first-quarter revenue forecast, shares jump
Coinstar ups first-quarter revenue forecast, shares jump (Global Markets) - Coinstar Inc (CSTR.O) raised its first-quarter revenue outlook citing stronger-than-anticipated consumer demand at its Redbox unit, sending its shares up more than 17 percent after the bell.Stock Market Predictions
The company raised its revenue outlook range to $567 million to $569.2 million, from its previous forecast of $530 million to $555 million.
The company also expects diluted earnings from continuing operations of $1.62 to $1.66 per share.
Analysts, on an average, were expecting first-quarter revenue of $537.7 million, according to Thomson Global Markets I/B/E/S.
The raised outlook reflects higher sales of titles like Moneyball, Puss in Boots, 50/50, In Time, Abduction and Mr. Popper's Penguins, the company said in a statement.
Coinstar also raised its full-year revenue outlook range to $2.15 billion to $2.28 billion, helped partly by the extension of its content license agreement with Universal.
It had earlier forecast revenue of $2.08 billion to $2.25 billion.
Shares of the company closed at $61.31 on Thursday on the Nasdaq
(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Roshni Menon)